Putrajaya is touting its China-backed projects as proof of the Najib-administration's ability to attract foreign direct investments.

Former finance minister Daim Zainuddin, however, does not appear to be entirely convinced.

Asked about the East Coast Rail Link (ECRL), which will be funded through a loan from the Export-Import Bank of China to pay the main contractor from the same country, Daim questioned whether such an arrangement could be considered an investment.

"If you have to pay back the money, is that an investment?

"If you were an investor, what would you say?" the veteran politician asked in front of reporters in Subang Jaya today.

Pressed on his views on whether such a project should then be seen as a form of investment in Malaysia, Daim said: "No. That's a loan...