Myanmar agrees smaller deal for China-backed port after ‘debt-trap’ concern
Myanmar on Thursday signed an agreement with China’s state-run CITIC Group to begin work on a deep-sea port in the west of the country, after negotiations that saw the initial phase of the project scaled back over fears of a “debt trap”. Myanmar Deputy Minister of Planning and Finance Set Aung said Myanmar and CITIC signed a “framework agreement” for the port in Kyauk Pyu, in conflict-hit coastal Rakhine State.
