Malaysia to revive 2nd major China-linked project


20th April, 2019 10:10:53 printer

Malaysia to revive 2nd major China-linked project


Malaysias government said it will resurrect a multibillion-dollar property and transportation project in Kuala Lumpur involving a Chinese state company, calling it a contribution to Chinas global Belt and Road infrastructure initiative.

Prime Minister Mahathir Mohamad, who is traveling to China next week to attend the second Belt and Road forum, said Friday the Cabinet agreed to reinstate the Bandar Malaysia project, which is expected to cost 140 billion ringgit (33.8 billion).

It comes a week after Malaysia resumed a China-backed rail link project after the Chinese contractor agreed to cut the construction cost by one third to 44 billion ringgit (10.6 billion). Mahathir said that both projects will boost ties with China and add economic value.

The 500-acre (202-hectare) project will boost urban development and serve as a hub to woo global finance, technology and entrepreneurial firms, he added.