China, Malaysia restart massive 'Belt and Road' project after hiccups [Reuters]
CHINA COMMUNICATIONS ADR (CCCGY)
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Source: Reuters
China, Malaysia restart massive 'Belt and Road' project after hiccups - Reuters 3 Min Read DUNGUN, Malaysia, July 25 (Reuters) - China and Malaysia resumed construction on a massive “Belt and Road” train project in northern Malaysia on Thursday, after a year-long suspension and following a rare agreement to cut its cost by nearly a third to about $11 billion. The project was initially canceled by Malaysian Prime Minister Mahathir Mohamad, who came to power after a shock election victory in May last year, as he followed through a pledge to renegotiate or cancel “unfair” Chinese mega-projects approved by his predecessor, Najib Razak. But in April, the close trade partners agreed to proceed with the East Coast Rail Link (ECRL) at a cost of 44 billion ringgit ($10.7 billion), reducing it from 65.5 billion ringgit. The 640 km line (398 miles), with China Communications Construction Co Ltd as the lead contractor, will connect Port Klang on the Straits of Malacca with the city of Kota Bharu
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