Malaysia launches last billion-dollar project ahead of polls
Malaysian prime Minister Abdullah Ahmad Badawi Monday launched a major development project worth billions of dollars to fuel growth in resource-rich Sarawak on Borneo Island.
By Agencies |
KUALA LUMPUR: Malaysian prime Minister Abdullah Ahmad Badawi Monday launched a major development project worth billions of dollars to fuel growth in resource-rich Sarawak on Borneo Island.
He said the government would spend an initial 5.0 billion ringgit to kickstart the Sarawak Corridor of Renewable Energy, the last of five programs that form a long term economic blueprint.
The announcement came ahead of elections expected in March and would focus on developing the state's energy sources, hydropower, coal, natural gas and petroleum.
"The development, distribution and consumption of energy is a core element leading to the success of the Sarawak Corridor," Abdullah said at the launch.
He said the project aims to bring economic growth and eradicate poverty in the predominantly rural state of Sarawak by 2030. It will provide about 800,000 jobs over 23 years with private investment targeted at 300 billion ringgit.
"It's not going to be less than 300 billion ringgit. It's a huge amount but it involves large developments in various fields in Sarawak, which is a very large state," he said.
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The area earmarked for development is a 320-kilometre stretch along the coast facing the South China Sea from Tanjung Manis to Similajau and covers an area of 70,708 square kilometres 57 per cent of the entire state. The government is gearing up for elections expected in March and has launched another four big-budget masterplans worth billions of dollars to attract foreign investment and develop rural states over the next two decades.
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