GEORGE TOWN: The federal government has approved RM33.22 billion for 280 development projects in Penang under the Second Rolling Plan (RP2) 2027 of the 13th Malaysia Plan (13MP).
Chief Minister Chow Kon Yeow said the approved allocation, announced in the 2027 Budget, comprised 44 new projects and 236 ongoing initiatives.
For 2027 alone, he said a total of RM2.68 billion had been allocated to execute these development projects across the state.
"Out of the total, the 44 new projects involve a total cost of RM578.29 million, with an initial allocation of RM63.71 million set aside for implementation in 2027.
"This includes four state priority projects submitted by the Penang government in February this year, costing RM96.95 million with a RM2.2 million budget for 2027," he said in a statement today.
The four priority projects are the Sungai Kelang Ubi flood mitigation plan in Seberang Prai Tengah, upgrading works for Jalan Bukit Tambun FT 149 in Seberang Prai Selatan, Phase 2 of the Sungai Prai flood mitigation plan and the mapping and development of underground water resources in Penang.
Chow said another state priority project, the Penang STEM Talent Blueprint, had been approved earlier under 13MP's First Rolling Plan (RP1) with a project cost of RM12.3 million.
Expressing gratitude to the federal government, Chow reiterated the state's commitment to strengthening strategic ties to optimise development funds for the benefit of Penangites.
He said this included collaboration on establishing the Penang Technology Financial Centre (PTFC), which is slated to become a national tech-finance hub.
The PTFC is projected to contribute RM12.1 billion to the Gross Domestic Product (GDP) and support over 71,000 jobs over the next 15 years.
In his 2027 Budget speech, Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim announced plans to develop Penang as a national technology hub, supported by a RM100 million fund established by Khazanah Nasional Bhd and InvestPenang for early-stage semiconductor and advanced manufacturing companies.
Chow welcomed the federal government's backing for the PTFC to strengthen the state's technology ecosystem and support its push towards higher-value industries.
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