Malaysia to revive China-backed rail link after cost cutWorld | 12 Apr 2019 2:19 pm
Malaysia’s government says it has decided to resume a China-backed rail link project, after the Chinese contractor agreed to cut construction cost by one-third.
The deal ended months of vacillating over the 430-mile East Coast Rail Link, which connects Malaysia’s west cost to eastern rural states and is a key part of China’s Belt and Road infrastructure initiative.
The prime minister’s office said in a statement today that Malaysia will sign a supplementary agreement with the China Communications Construction Company to revive the project.
It said the construction cost for the first two phases of the rail link has now been cut by one-third to 44 billion ringgit (US$10.7 billion), adding that “this reduction will surely benefit Malaysia and lighten the burden on the country’s financial position.”-AP