KUALA LUMPUR, Jan 9 — Rumours that Malaysia and Singapore will jointly finance the High-Speed Rail linking the two countries is untrue, the Ministry of Finance-owned firm MyHSR Corp Sdn Bhd has said.

Mohd Nur Ismal Mohamed Kamal, CEO of the firm tasked with ensuring the HSR project’s delivery, brushed off rumours that the Malaysian government needs to issue bonds jointly guaranteed by the Singaporean government to finance the bullet train project.

“The idea of both governments co-guaranteeing has never come up. We will fund our own infrastructure and they will fund theirs,” he was quoted saying in an interview with financial weekly The Edge.

Responding to previous speculation that Malaysia favoured China as the bullet train provider for the cross-country project while Singapore leaned more towards the Japanese or European firms, Mohd Nur Ismal also repeated that the firm is still seeking for the best option.

The speculation of Malaysia’s alleged preference came about after two deals involving Chinese firms that are instrumental in helping state-owned 1Malaysia Development Berhad (1MDB) whittle down most of its multi-billion debt.

The two deals are China General Nuclear Power Corp’s acquisition of 1MDB’s Edra Global Energy Bhd that holds power assets for RM9.83 billion and a pre-adjusted RM7.41 billion purchase of 60 per cent of 1MDB’s planned Bandar Malaysia development by a joint consortium of China Railway Engineering Corp (M) Sdn Bhd and Johor-based Iskandar Waterfront Holdings Sdn Bhd.

In the interview with The Edge, Mohd Nur Ismal did not disclose the projected cost of the bullet train link between Kuala Lumpur and Singapore.

He said the long-term project was an investment that should be continued even in financially difficult times as it may be more costly to implement in the future, while other countries like Indonesia and India that have decided to go ahead with such rail projects would have moved ahead by then.

Mohd Nur Ismal also said the HSR project is not just about moving people or saving time through the quicker journey between the two countries, but said the growth impact in the proposed transit stops of Seremban, Malacca, Muar, Batu Pahat and Nusajaya are expected to change forever in the years to come.

“The reason the government will step in to cover any shortfall or even fund the entire project is the potential economic gains that will be generated after the project is completed. We have certain goals, certain aspirations for the country and this is very much one of the key things that will develop the aspirations,” he was also quoted saying.

Mohd Nur Ismal also said that coming up with the best decision for both Malaysia and Singapore is of “higher priority” than sticking to a timeline and said there is a long way to go for the HSR project.

The HSR project was initially scheduled to start in 2017 and be completed by 2022, The Edge said.