This article first appeared in The Edge Financial Daily on November 19, 2019

KUALA LUMPUR: Contracts worth of RM1.68 billion have been awarded for the East Coast Rail Link (ECRL) project, said Finance Minister Lim Guan Eng.

The total value of ECRL civil works is estimated to be some RM25 billion, including piling works, earthworks and foundation.

He said of the RM25 billion, 40% or RM10 billion worth of civil works is available for local contractors, up from RM8.3 billion previously.

Some 331 local construction companies — 234 of them bumiputera companies — were shortlisted for the ECRL civil works in May, he told the press after the signing of a memorandum of understanding between SME Bank, Malaysia Rail Link Sdn Bhd and China Communications Construction Co Ltd yesterday.

To recap, the cost of the mega rail project has been slashed to RM44 million from RM65.5 billion originally when it was revived in April this year.

Guan Eng said the ECRL project is proceeding as scheduled, with the current progress at nearly 13% and full completion by December 2026.