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Belt and Road

Myanmar cuts cost of China-funded port project by 80%

Beijing yields as more countries become wary of Belt and Road debt trap

A port terminal outside Kyaukpyu in western Myanmar. The development will be built in stages corresponding with demand to guard against overinvestment.    © Reuters

YANGON -- Myanmar has agreed to scale down a Chinese-led port project in the western state of Rakhine, slashing the initial price tag to $1.3 billion from $7.2 billion over concerns about excessive debt. 

The development is located in the special economic zone of Kyaukpyu, a natural harbor facing the Indian Ocean that is suited for large ships. They already have oil pipelines running to China and a port capable of docking 300,000-ton tankers.

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