KUALA LUMPUR, Oct 27 — Prime Minister Datuk Seri Anwar Ibrahim today defended the use of government-linked investment companies (GLICs) to fund domestic development, citing Petronas’ role in Putrajaya and arguing that public needs can be balanced with commercial returns.
Responding to criticism over GLIC involvement in housing, Anwar said that the national oil company had helped fund Putrajaya’s development through Putrajaya Holdings, which encompasses government offices, public amenities, hotels, commercial ventures and tourism facilities.
“Putrajaya was developed with Petronas funds from the outset,” he told the Dewan Rakyat during Prime Minister’s Question Time.
Anwar said the Kota Madani housing project was intended to address a shortage of accommodation for civil servants in Putrajaya, with 80 per cent of its units reserved for them.
He said GLICs had also invested in student accommodation for Malaysians in Canada, South Korea, the Netherlands and the United Kingdom, arguing that such investments should be expanded domestically.
“So why can this not be expanded in Malaysia?” he asked.
Anwar said the first phase of a student accommodation initiative would involve 10,000 units, with a longer-term target of 30,000 units involving GLICs.
“It is not merely about helping people; it is also about serving commercial needs and interests,” he said.
He said the initiatives formed part of efforts to strengthen domestic economic resilience, while GLICs were expected to consider national priorities alongside investment returns.
Anwar said GLICs had committed RM120 billion in domestic direct investments from 2024 to 2028, in addition to RM440 billion already invested in the domestic public market.
He also cited the Kampung Angkat and Sekolah Angkat Madani programmes, which he said covered 500 villages and 1,700 schools with support from GLICs and private companies.