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

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.