SME Bank has set aside RM1 billion in financing specially for local contractors appointed for civil work packages of the East Coast Rail Link (ECRL) project.

The facility is in the form of Term and Revolving financing and is capped at RM50 million for each applicant.

A tripartite memorandum of understanding (MoU) was signed between the bank, the Malaysia Rail Link Sdn Bhd (MRL) and China Communications Construction (ECRL) Sdn Bhd (CCC-ECRL) to facilitate financial solutions on Monday.