Cannot run DebugGame from VS in 16.1

A packaged build does run. This is after deleting the saved / intermediate folders, then cooking the content for windows:

Exception thrown at 0x00007ff967e93c58 in RenderTargetTest-Win64-DebugGame.exe: Microsoft C++ exception: xSharedMemoryException at memory location 0x0000001cecacee70.
Assertion failed: HasFoundDataDirectory [File:D:\Build\++UE4+Release-4.16+Compile\Sync\Engine\Source\Runtime\Core\Private\Internationalization\ICUInternationalization.cpp] [Line: 128] 
ICU data directory was not discovered:
../../../RenderTargetTest/Content/Internationalization
../../../Engine/Content/Internationalization
RenderTargetTest-Win64-DebugGame.exe has triggered a breakpoint

See also:

Project attached.

Hi theonecalledtom,

Thank you for letting us know about this issue. Since we have received multiple reports about this issue, we will be focusing on the report here in order to reduce potential confusion in the future. If you have any additional information about this issue, please add it to that post.