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Port Klang receives loan approval for expansion

Port Klang receives loan approval for expansion

Kuala Lumpur: Malaysia's Port Klang Authority (PKA) has received has been granted a seven-year soft loan at 4% interest rate, which will be used to fund the development of the Port Klang Free Zone (PKFZ).

Denying accusations that the money was a hand-out by the Malaysian government, Dr Awang Adek Hussin, Deputy Finance Minister told reporters, "This is not free money, neither is it a bail-out but a loan that must be repaid in seven years."

PKA gm and PKFZ chairperson Datin Paduka O.C.Phang said, "Port Klang is being developed as the national load centre port of the country with the ultimate view that it will eventually serve as an alternate hub for users in the region in the next millennium at a cheaper option to those established hubs in the region."  [06/09/07]