He says China Communications Construction Company Ltd has also honoured its commitment to refund RM1 billion from the RM3.1 billion advance payment paid to it.
KUALA LUMPUR: Daim Zainuddin is confident that the price tag for the East Coast Rail Link , which was reduced by RM21.5 billion to RM44 billion, is highly likely to come down even further.
The cost of the project could also come down as “we will request for a lower loan amount, as well as an expansion of the grace and repayment periods, from China-Exim Bank now that the cost has been reduced”, Daim told Bernama in an exclusive interview today. Daim had successfully managed to renegotiate a supplementary deal which brought down the cost by 32.8% or RM21.5 billion from the original price tag of RM65.5 billion entered into by the previous administration under former prime minister Najib Razak.
He said the arrangement is also an incentive for CCCC and other Chinese investors to look into other investments in Malaysia that can boost the utilisation of the ECRL. Daim also clarified that the supplementary agreement for the ECRL includes double tracking for the entire 640km rail line.
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