KUALA LUMPUR (Nov 1): Bank Pembangunan Malaysia Berhad (BPMB) has granted Tawarruq Asset Financing facilities totaling RM1 billion to Lebuhraya Kajang-Seremban Sdn Bhd (Lekas) with the aim to support the Malaysian government’s initiative to reduce the urban cost of living.

In a statement on Tuesday, the bank said Lekas and the government had previously initiated a concession restructuring exercise that involved a reduction in toll rates.

The objective of this financing is to restructure Lekas debt obligations to ensure the highway remains sustainable and affordable to travelers.

“As the nation’s premier development partner, we see investments in infrastructure such as Lekas as crucial for Malaysia’s economic growth, in line with the government’s Madani aspirations. Our support for Lekas reflects our purpose of delivering impact capital for national development.”

“In support of the growing population within the greater Klang Valley, our funding for Lekas will further contribute to thriving economic development.” said Roni Abdulwahab, group chief executive officer of BPMB.

Wan Salwani Wan Yusoff, chief executive officer of Lekas, added that this funding marks a significant step towards achieving its shared vision of a more connected and sustainable future, while furthering its commitment to easing the financial burdens of the communities it serves.