Malaysia to Resuscitate USD 34 Billion Chinese-Backed Project

Malaysia is looking at resuscitating a US$34 billion Chinese-backed transport and property development project that was abandoned in 2017. The Prime Minister Mahathir Mohamad said the project would contribute to Beijing's global infrastructure drive.

Another revival between the two countries also took place this month for the railway project. The Bandar Malaysia project was initially backed by the scandal-hit state fund, but a major stake was later sold to a joint venture between a Malaysian firm and state-owned company China Railway Engineering Corp. According to an official statement, the two developments should be viewed within the larger context of fostering and cementing long-term bilateral relations between Malaysia and China. "The projects will be a significant contribution to the Belt and Road Initiative which Malaysia expects to be able to tap on."

More developments are awaited to be announced the coming week with Beijing's Belt and Road Summit.