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Myanmar scales back China-funded Kyauk Pyu port project in Rakhine state due to debt concerns

The port is a key part of BRI to expand global trade links, but many in Myanmar are wary of becoming too dependent on China

Kyauak Pyu Port Credit: via SCMP

By Reuters

Kyaukpyu, Myanmar, August 3, 2018

SCMP

Myanmar has scaled back plans for a Chinese-backed port on its western coast, sharply reducing the cost of the project after concerns it could leave the Southeast Asian nation heavily indebted, according to a top government official and an adviser.

The initial US$7.3 billion price tag on the Kyauk Pyu deep water port, on the western tip of Myanmar’s conflict-torn Rakhine state, set off alarm bells due to reports of troubled Chinese-backed projects in Sri Lanka and Pakistan, the official and the adviser said.

Deputy Finance Minister Set Aung, who was appointed to lead project negotiations in May, said the “project size has been tremendously scaled down”.

Read more at SCMP

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