Malaysia’s prime minister has given details of a renegotiated deal with China to build a controversial railway in the Southeast Asian country, avoiding a $5bn termination fee and reducing the loan a Chinese development bank on the project.
Malaysia said on Friday it would allow construction of the East Coast Rail Link route after reducing the projected cost by almost a third to RM44bn ($10.7bn) from RM65bn.
Mahathir Mohamad said his government had decided to renegotiate the high-profile Belt and Road project as Malaysia would have otherwise faced a RM21.78bn termination fee.
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