BANDAR SERI BEGAWAN, March 14 (Xinhua) -- Brunei will not rush the development of a planned special economic zone following financial problems faced by its proponent.

Minister at the Prime Minister's Office and Second Minister of Finance and Economy Hj Mohd Amin Liew said on Wednesday that the development of Brunei's special economic zone has been put on hold due to CFLD (Singapore) Investment Pte Ltd running into financial issues.

According to earlier news reports, a memorandum of understanding (MoU) was signed between CFLD (Singapore) Investment Pte Ltd, the Brunei government and Darussalam Assets Sdn Bhd in May 2017, to set up a public-private partnership for the development of a 40-square km special economic zone in Brunei.

Under the MoU, the parties will work together to invest and develop the economic zone located at the Jerudong waterfront and the Tungku region.

"We have spent a lot of time discussing this project. Currently CFLD are facing some financial issues so we don't want to rush into this first," said the minister during Brunei's Legislative Council meeting.