Malaysia has cancelled a $20 bn rail project being built and financed by China after failed attempts to lower the price, a Minister said on Saturday.Economic Affairs Minister Azmin Ali said Prime Minister Mahathir Mohamad's government made the decision to scrap the East Coast Rail Link (ECRL) at a cabinet meeting, the South China Morning Post reported.The project was being built by China Communications Construction Company (CCCC) and was 85 per cent financed by the Export-Import Bank of China.The cancellation of the mega project is the second by the Mahathir Mohamad government since it came to power in May last year. In August, his government cancelled a China-backed project, a natural gas pipeline in the East Malaysia state of Sabah.Azmin Ali, briefing reporters on the latest cancellation, said: "The cabinet decided to scrap the project because the cost of development is too high, and we do not have the financial capability at the moment."When it was awarded to CCCC in 2016 by ...
