Anwar defends GLIC-funded housing, says Petronas helped develop Putrajaya

KUALA LUMPUR, Oct 27 – Prime Minister Datuk Seri Anwar Ibrahim defended the use of government-linked investment companies (GLICs) for domestic development, highlighting Petronas' involvement in Putrajaya. Anwar, who serves as finance minister, explained that Petronas had contributed to Putrajaya's development through Putrajaya Holdings, which includes government offices, public amenities, hotels, commercial ventures, and tourism facilities.

Addressing Bangi MP Syahredzan Johan's query about the balance between public needs and commercial returns, Anwar noted that Putrajaya was developed with Petronas funds from the beginning. He defended the Kota Madani housing project, which aims to address the shortage of accommodation for civil servants in Putrajaya, with 80% of its units reserved for them.

Anwar also mentioned GLICs' investments in student accommodation for Malaysians in Canada, South Korea, the Netherlands, and the United Kingdom, suggesting the expansion of such initiatives domestically. He proposed a first phase of 10,000 student units, with a longer-term goal of 30,000 units involving GLICs, stating that these investments serve both commercial and commercial interests.

Anwar emphasized that these efforts contribute to strengthening domestic economic resilience, with GLICs expected to prioritize national goals alongside returns on investment. He also highlighted the RM120 billion in domestic direct investments GLICs plan to make from 2024 to 2028, in addition to the RM440 billion already invested in the domestic public market.

Anwar cited the Kampung Angkat and Sekolah Angkat Madani programs, which support 500 villages and 1,700 schools with the help of GLICs and private companies.