Mohd Nur Ismal Mohamed Kamal, chief executive of MyHSR Corporation, was quoted as saying: “The idea of both governments co-guaranteeing has never come up. We will fund our own infrastructure and they will fund theirs.”

He also dismissed speculation that Malaysia favoured a Chinese company to supply the bullet trains while Singapore was said to lean more towards Japanese or European suppliers.

Mohd Nur Ismal said MyHSR is seeking the best option.

Speculation about China’s role had arisen after two major deals involving Chinese firms and the government’s investment arm 1Malaysia Development Bhd.

China General Nuclear Power Corp agreed to buy over 1MDB’s subsidiary Edra Global Energy Bhd and its power-generating companies for RM9.83 billion. China Railway Engineering Corp has a large stake in a RM7.41 billion purchase of 1MDB’s Bandar Malaysia development.

Mohd Nur Ismal, interviewed by The Edge, said the high-speed rail project would generate economic benefits and should be carried through, despeite financially difficult times. Other countries such as Indonesia and India who have decided on such projects would have moved further ahead.

The high-speed rail would link Kuala Lumpur and Singapore with stops in Seremban, Malacca, Muar, Batu Pahat and Nusajaya.

Mohd Nur Ismal said reaching the best decision for both countries was a priority and there was a long way to go for the HSR project, which was initially scheduled to start in 2017 for completion by 2022.