Project delivery partner working on PTMP financial architecture


SRS Consortium, the project delivery partner (PDP) for the Penang Transport Master Plan (PTMP), is in the process of improving the structure of its financial model in view of the economic uncertainties brought about by the Covid-19 pandemic.

State Transport and Infrastructure Committee chairman Zairil Khir Johari said SRS Consortium is working on its financial architecture to be presented to the state government before the implementation schedule of the PTMP project is finalised.

The state has planned to reclaim three islands down south, known as Penang South Reclamation (PSR) project, to finance its PTMP which will see highways, rail lines and other modes of transport being introduced.

“The PTMP financing model has always been through the sale of the Penang South Reclamation project,” Zairil said when responding to a question by Goh Choon Aik (PH – Bukit Tambun) at the State Legislative Assembly in Dewan Sri Pinang today.

“SRS Consortium is currently in the process of improving its financial model which should take into account the state of economic unrest due to Covid-19 pandemic and other factors.”

Goh had wanted to know about the implementation schedule of the PSR project, Bayan Lepas Light Rail Transport (BLLRT) and Pan Island Link 1 (PIL 1); any other approval required from the Federal Government, the status of the proposed issuance of bonds for the project and the advantages of Bjarke Ingels Group (BIG)’s involvement.

Zairil added that the state government is also awaiting feedback from the Federal Government regarding the proposed issuance of bonds for the project.

He said former Prime Minister Tun Dr Mahathir Mohamad had submitted a letter of agreement to the Penang government on Oct 1 last year for the proposed issuance of bonds with the guarantee of the Federal Government.

“The state government is confident that an understanding can be reached with the Federal Government to solve the problem of public transport and road congestion in Penang for the good of the people as well as the economic sustainability of the state,” Zairil said.

He said the state government has formed a Fishermen Taskforce Committee, headed by Deputy Chief Minister I Datuk Ahmad Zakiyuddin Abdul Rahman, because they are concerned with the fishermen affected by the PSR project.

He said the taskforce committee would refine initiatives, mitigation measures and the implementation mechanism of the social impact management plan (SIMP) to benefit the fishing community.

“Under the SIMP for the PSR project, the state government is finalising ex-gratia packages,” Zairil said.

“The state government, through relevant departments and agencies, is collecting detailed information to design these packages that can meet the needs and wants of fishermen as best as possible.”

The packages include ex-gratia payment and monthly allowances, empowerment like construction of a new fishermen’s jetty, setting up of a fishermen’s cooperative, tuition and education schemes for their children, training schemes for fishermen and employment opportunities.

Zairil said fishermen who do not own a home would be given priority for affordable housing.

On PSR project, he said the state is just awaiting the approval of Environmental Management Plan (EMP) by the state Department of Environment (DOE). It had submitted the EMP report (Amendment 1) to state DOE on July 17 this year.

The EMP will require the contractor appointed to comply with the Environmental Impact Assessment (EIA) approval requirements during the reclamation work.

Zairil also said the state government is currently working with Bjarke Ingels Group (BIG) to finalise the PSR development master plan.

“The design of BIG has recently been selected as the most suitable design for PSR by a master jury panel.

“BIG’s proposal called ‘BiodiverCity Penang’ was found to have the advantage and potential to make Penang a city with a vibrant development concept as a catalyst for the domestic and foreign economy.”

Source: Buletin Mutiara


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