April 12, 2019 / 6:11 AM / 2 months ago

Malaysia says China-backed rail project to resume at lower cost

KUALA LUMPUR, April 12 (Reuters) - Malaysia and China agreed on Friday to resume construction of a multi-billion dollar rail project after months of negotiations that have strained ties between the two trade partners.

They agreed to reduce the cost of the East Coast Rail Line (ECRL) to 44 billion ringgit ($10.68 billion) from the original pricetag of 65.5 billion ringgit, the prime minister’s office in Malaysia said in a statement. ($1 = 4.1180 ringgit) (Reporting by Joseph Sipalan; editing by Darren Schuettler)

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