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Thursday, March 20, 2008

KFH plans financing initiatives for ECER

KUWAIT Finance House (Malaysia) Bhd is in discussions with Terengganu's state investment company, Terengganu Inc, and its related companies on financing initiatives within the East Coast Economic Region (ECER).

"We have looked into specific financing opportunities for some of the related companies, ranging from infrastructure, oil and gas, shipping, plantation/agriculture and IT (information technology)," said its managing director Datuk Salman Younis.

"So far, all of the discussions are focused on financing," he said in a statement yesterday.

On plans for retail branches within the ECER, Younis said the Islamic bank will evaluate the feasibility based on the success of its corporate, investment and commercial businesses there.

He said the bank was currently involved in the financing of a flight training school and garment manufacturer, both in Kota Baru.

Kuwait Finance House, one of the largest Islamic banks in the world, has embarked on several projects, including establishing a find investing about US$330 million (RM1 billion) for projects in the Iskandar Development Region.

The ECER master plan envisaged Terengganu as a tourism gateway, hub for oil, gas and petrochemical industries, centre of educational excellence and agriculture focused on goat rearing and as a citrus valley.

Kelantan will become centre of trading, human capital development, educational excellence as well as poultry and herbal cultivation.

Pahang will focus on manufacturing and becoming a port city with integrated logistics distribution centre and palm oil industrial cluster as well as cattle and pineapple, while Mersing in Johor will be developed for tourism.

By Bernama

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