Malaysia Friday secured an $800 million project loan from China, the largest ever provided by the Asian giant for a single project in a foreign nation, UPI reported. The 3-percent interest, 20-year-loan will be used in a joint-venture construction of a 14-mile bridge connecting Penang island to the mainland, Malaysia's Bernama news agency reported. Malaysian Second Finance Minister Tan Sri Nor Mohamed Yakcop said the loan agreement will further boost private sector business relations between the two countries. "As an economic phenomenon, the world has been in awe with the rise of China. Countries like Malaysia are advised to build bridges with China," he said. The loan agreement was signed among Exim Bank of China, Bank Pembangunan Malaysia and the Malaysian government, Bernama said. China is Malaysia's fourth largest trading partner after the United States, Singapore and Japan.
