Najib tells of ‘secret RM2 billion loan’ for Penang project

(FMT) – Najib Razak has accused former finance minister Lim Guan Eng of secretly using a government guarantee to obtain a US$500 million (RM2 billion) loan to finance some of the costs for “his beloved” Penang tunnel project.

Najib alleged that the loan from the Asian Development Bank “was never announced by the Pakatan Harapan government before or reported by any media”.

He did not give the source of his information in his Facebook posting.

Lim was the finance minister in the Pakatan Harapan government which was in power from May 2018 to late February this year.

Najib said the loan had been cancelled by the Perikatan Nasional government, which took over in March.

The Penang tunnel project is part of the massive Penang Transport Master Plan, which is believed to cost RM46 billion. It entails building a tunnel across the North Channel between Penang island and the mainland, three major highways on Penang island, and the reclamation of three artificial islands off the south coast of Penang island.

FMT is attempting to obtain comment from Lim.