China’s CITIC to contribute 70 per cent towards Kyaukphyu Deep Seaport

The China International Trust and Investment Corporation Consortium (CITIC) will contribute 70 per cent of the project cost for the Kyaukphyu Deep Seaport project while the remaining 30 per cent will come from the Myanmar government. According to a notification issued by the Myanmar Economic Zones Central Committee on February 29, 2015, the project has a total area of 4,289.32 acres. Of this, 607.88 acres is for the deep seaport project, 2,446.07 acres for an industrial zone project and 1,235.37 acres for an advanced housing project. Later, in November 2018, a framework agreement was signed by the Kyaukphyu Special Economic Zone Management Committee and CITIC for the special economic zone project and Deep Sea Port project.