Indonesia expects to finalise $560 mln rail loan from China

11 Oct 2023 CW Team

Indonesia is poised to sign a long-anticipated $560 million loan agreement with China during the upcoming Belt and Road Forum (BRF) in Beijing, as confirmed by an Indonesian official on Monday. This substantial loan is earmarked to address the escalating costs associated with Indonesia's inaugural high-speed railway project.

President Joko Widodo inaugurated the $7.3 billion railway earlier this month, which links the capital city, Jakarta, with Bandung. However, the project faced funding uncertainties due to prolonged negotiations regarding the loan's terms.

The railway venture is a collaborative effort between Indonesian and Chinese state-owned companies but has encountered a cost overrun of approximately $1.2 billion, as reported by the Indonesian government.

Kartika Wirjoatmodjo, Deputy Minister of State-Owned Enterprises, expressed optimism about the loan's status, stating, ""Next week it should be done."" He further indicated that the formal signing of the loan agreement may occur during the Belt and Road Forum, where both President Widodo and Chinese President Xi Jinping are expected to jointly inaugurate the commercial operations of the high-speed train.

This loan agreement underscores the significance of the Belt and Road Initiative (BRI) in fostering infrastructure development and connectivity projects, while also addressing the financial challenges that occasionally arise during their implementation.

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