JAKARTA, Feb. 10 (Xinhua) -- A substantial amount of private investment will flow into the development of Indonesia's new capital, Nusantara, in East Kalimantan province, starting in February 2025, according to local media reports citing Nusantara Capital Authority spokesperson Troy Pantouw on Monday.
Local media reported that 6.49 trillion Indonesian rupiah (around 397.5 million U.S. dollars) in private investment is expected to enter Nusantara as part of the second phase of the capital's construction from 2025 to 2029. In addition to private funding, the development will also be financed through the State Revenue and Expenditure Budget and the Government and Business Entity Cooperation (PPP) scheme.
"In line with President Prabowo Subianto's direction, the second phase of the new capital's development will be financed through multiple sources. The state budget will contribute 48.8 trillion rupiah (around 2.99 billion dollars), while the PPP scheme is expected to provide 60.93 trillion rupiah (approximately 3.73 billion dollars)," Pantouw was quoted as saying.
Pantouw said that the second phase of Nusantara's development from 2025 to 2029 will focus on preparing essential facilities and infrastructure with the goal of establishing Nusantara as Indonesia's political capital by 2028.
"The main focus of this phase will be completing the judicial and legislative ecosystems, along with their supporting facilities and infrastructure," he said. ■
