China on Saturday announced plans to build a railway line between Chinese city of Ruili and Myanmar's port city Kyaukphyu, not far from eastern Indian city of Kolkata, while Yangon secured a USD 763 million line of credit from Beijing to deepen economic cooperation between the two close allies.
China Railway announced that it signed an agreement with Myanmar to jointly build the 810-km long rail line from Ruili in southwestern Yunnan Province to Kyaukphyu via Muse.
The agreements was signed during the landmark
three-day visit of Myanmar President Thein Sein that ended on Saturday during which Yangon secured a USD 763 million line of credit from the China Development Bank.
Under the MOU to connect China with Myanmar's
Kyaukphyu port, China Railway Group Limited (China Railway) would be incharge of building the rail line, official media here announced.
China Railway said the project, expected to be
completed within three years, would help deepen China-Myanmar economic ties and boost the economic growth of Myanmar.
Kyaukpyu, according to previous reports, was envisaged as terminus for Middle East and African tankers supplying oil to China from where it was expected to be transported by pipelines.
The bilateral agreement for a USD 763 million line of credit was signed along with raft of financial pacts last night after talks between Chinese President Hu Jintao and his counterpart from Myanmar.
The new agreements would enhance the bilateral ties with "comprehensive strategic cooperation partnership", media here said.