THE RM500 million Public Transport Fund, launched today by Bank Pembangunan Malaysia Bhd with the Finance Ministry, will give a 2% financing subsidy to buyers of taxis, buses, and other public transport vehicles.

“The funding may be used by operators, suppliers, manufacturers, assemblers of public transport vehicles and contractors, and infrastructure developers,” said Finance Minister Lim Guan Eng at the fund’s launch today in Kuala Lumpur.

“Our public transport system still has room for improvement. We hope to increase the number of people using public transport by financing the system’s improvement.”

The fund is one of three separate funds totalling RM4.5 billion mandated to the bank by the ministry in Budget 2019, the other two being the Industry Digitalisation Transformation Fund and Sustainable Development Financing Fund.

Some 93% of Malaysian households own at least one car, according to a Nielsen survey in 2014, placing the nation third globally in terms of car ownership. – May 2, 2019.