China’s state-run CITIC Group has signed a $1.3bn deal to develop a deepwater port in Kyaukpyu, Myanmar, smaller than originally planned amid growing international wariness over Beijing’s Belt and Road Initiative (BRI).
Based on a framework agreement, a CITIC-led consortia will form a joint venture with Myanmarese interests to build two berths in the port located on the western tip of Myanmar's conflict-torn Rakhine state, Chinese state media reported.
