Termination of ECRL due to RM500m annual interest - Azmin

The cancellation of East Coast Rail Link (ECRL) project was due to the high annual interest that the country would have incurred, according to Economic Affairs Minister Mohamed Azmin Ali.

Azmin told reporters this morning that the cabinet decided to scrap the project as RM500 million in interest would have had to be paid annually were it to continue.

The decision was made during a cabinet meeting on Thursday and is final, he stressed.

"The cabinet made the decision because the cost to develop ECRL is too high, and we do not have the financial capability (to see it through) at this moment.

"And if this project is not cancelled, the interest that the government would have to pay reaches to nearly half a billion ringgit. 

"This is something that we won't be able to do," he said after launching an event organised by the Silat Cekak Hanafi Association in Kuala Lumpur. 

[More to follow] - Mkini

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