The budget for the construction of the project was set at US$8 billion. But two years have been passed and the project has used only US$52 million, the source said.
The project, implemented by Italian-Thai Development (IDP) has been importing construction tools and machinery since January 2011.
Although the company has spent on tools and machinery for the project, the amount invested is unknown and there has been no transparency. It is believed that the company is in financial difficulty, the source said.
Construction tools and machinery were imported via Nabule and Htikhi border trade centres last year. This year, they’ve been brought though the Nabule border trade centre.
More than $16 million of imports came through the Htikhi and Nabule border trade centres in the last fiscal year. The IDP imported more than US$36 million in construction tools and machinery through Nabule according to a Border Trade Department report.
The company is seeking Japanese investors as partners to keep the project afloat. It has already been delayed by two years due to lack of funds.
Both the Myanmar and Thai governments are funding the project.