Malaysia scraps $20 billion China-backed rail project

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Malaysia scraps $20 billion China-backed rail project

Jan 27, 2019 16:20 IST

Stating that the cost of implementation was too high, Malaysian govt has scrapped a 20 billion dollar China-backed rail project that was to connect the eastern and western coasts of the peninsula. Reports said if necessary, an official announcement would be issued by next week on the instructions of Prime Minister Mahathir Mohamad. In a bid to cut the country's 251 billion dollar debt, the Island nation has recently suspended several major projects signed under the country's previous government.