UK govt al­lo­cates RM4.85m for eight Malaysian projects

The Sun (Malaysia) - - SUNBIZ -

KUALA LUMPUR: The UK govern­ment has al­lo­cated £913,500 (about RM4.85 mil­lion) through its Pros­per­ity Fund for eight eco­nomic and sus­tain­able growth projects in Malaysia for 2016-17.

The amount, which was se­cured through a com­pet­i­tive bid­ding process, is the largest ever al­lo­cated since the Pros­per­ity Fund was started in 2011.

The UK govern­ment cre­ated the global fund­ing programme to help pro­mote eco­nomic and sus­tain­able growth in emerg­ing economies. It is now worth £1.3 bil­lion for the five years from 2016 to 2020.

The UK govern­ment will fund tech­ni­cal as­sis­tance and ex­per­tise for eight projects in Malaysia de­signed to strengthen eco­nomic gov­er­nance, in­ter­na­tion­alise Is­lamic fi­nance, boost ed­u­ca­tion part­ner­ship, en­hance low car­bon cities, low car­bon en­ergy, sus­tain­able mo­bil­ity.

The fund­ing will also be used to de­velop Malaysia’s roadmap to emis­sion in­ten­sity re­duc­tion in sup­port of the coun­try’s pledge made at the United Na­tions Frame­work Con­ven­tion on Cli­mate Change last year.

The fund­ing for these iden­ti­fied projects in Malaysia is the re­sult of suc­cess­ful bids by key UK im­ple­menters, namely Car­bon Trust, Fu­ture Cities Cat­a­pult, TheCi­tyUK among oth­ers.

To de­liver on the projects, the Bri­tish High Com­mis­sion Kuala Lumpur will work with Malaysian stake­hold­ers in­clud­ing In­sti­tute for Democ­racy and Eco­nomic Af­fairs; Kuala Lumpur City Hall; Am­pang Jaya Mu­nic­i­pal Coun­cil; Pe­tal­ing Jaya City Coun­cil; Gas Malaysia; Iskan­dar Re­gional De­vel­op­ment Au­thor­ity; United Na­tions De­vel­op­ment Pro­grammes Malaysia; Nat­u­ral Re­sources and En­vi­ron­ment Min­istry; Eco­nomic Plan­ning Unit, En­ergy, Green Tech­nol­ogy and Wa­ter Min­istry; Bank Ne­gara Malaysia, and other en­force­ment agen­cies and ed­u­ca­tion de­liv­ery part­ners.

Bri­tish High Com­mis­sioner to Malaysia Vic­to­ria Tread­ell said: “The UK govern­ment is com­mit­ted to pro­mot­ing global pros­per­ity through sus­tain­able growth. By sup­port­ing other coun­tries to de­velop poli­cies which drive sus­tain­able and in­clu­sive growth, we will in turn in­crease op­por­tu­ni­ties for in­ter­na­tional busi­nesses, in­clud­ing UK com­pa­nies.

“When it comes to Malaysia, our pros­per­ity work here is a top pri­or­ity, re­flect­ing our long­stand­ing re­la­tion­ship with Malaysia and our shared am­bi­tion to deepen and broaden it. This in­creased fund­ing en­ables us to cre­ate new op­por­tu­ni­ties for co­op­er­a­tion as well as strengthen ex­ist­ing col­lab­o­ra­tions. This is an ex­am­ple of a global Bri­tain in ac­tion in Malaysia.”

Bri­tain is the only ma­jor coun­try in the world which meets the United Na­tion’s tar­get of spend­ing 0.7% of its gross na­tional in­come on de­vel­op­ment. The Pros­per­ity Fund forms a strate­gic pro­por­tion of the UK’s com­mit­ment.

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