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Myanmar cuts Chinese investment in Port project

ANI  |  Beijing [China] 

Myanmar's recently announced the downsizing of the Deepwater Port project, a part of China's One Belt One Road programme over concerns about falling into a debt trap.

Originally, around $7.3 billion was slated to be invested in the project, with the scope now reduced to $1.3 billion, with indicating that negotiations were still ongoing, cited Chinese as reporting.

China's CITIC Group, which is the primary developer of the port, suggested that the $1.3 billion investment was for the "initial phase", one of the four phases of the project.

The project was slated to build as many as 10 berths for in the deep-water port, with that number now being curtailed to two.

had earlier clarified that it will not grant sovereign guarantees for loans to the project and that a third-party independent audit on the project spending was prerequisite for the project.

The Port of is situated at the entry point of the China-Oil and

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, August 21 2018. 19:25 IST