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Tags: AS | Malaysia | China | Rail

China to Fund 85% of Malaysia's Revived Rail Project

Thursday, 25 July 2019 12:38 AM

DUNGUN, Malaysia (AP) — Malaysia's Transport Minister Loke Siew Fook says China's Export-Import Bank is expected to finance 85% of a 44 billion ringgit ($10.7 billion) rail link project that will bolster economic development in rural eastern states.

The East Coast Rail Link was suspended a year ago shortly after Prime Minister Mahathir Mohamad won a historic election, but the government said in April it will revive it after the Chinese contractor agreed to slash cost by a third. The project connects Malaysia's west coast to poorer eastern states and is a key part of China's Belt and Road infrastructure initiative.

At a ceremony in northeast Terengganu state Thursday to relaunch the project, Loke said Malaysia is expected to sign the financing agreement with China's EXIM Bank soon but didn't give further details.

© Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
Malaysia's Transport Minister Loke Siew Fook says China's Export-Import Bank is expected to finance 85% of a 44 billion ringgit ($10.7 billion) rail link project that will bolster economic development in rural eastern states.The East Coast Rail Link was suspended a year ago...
AS,Malaysia,China,Rail
132
2019-38-25
Thursday, 25 July 2019 12:38 AM
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