Kyaukpyu, Myanmar, August 3, 2018
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