Jakarta: President Joko Widodo (Jokowi) instructed the Nusantara City heads to promptly obtain funding from sources for development of the new capital city.
President Jokowi affirmed that as much as 80 percent of the total Rp466 trillion of the budget for the city's development would be sourced from non-State Revenue and Expenditure Budgets. His statement was quoted from the Presidential Secretariat's YouTube channel as seen here on Tuesday.
"Everything can be done. I think this authority is flexible and agile and can get funding from available schemes,” he remarked.
The president listed some options of non-state budget funding sources that could be taken into account, including Public-Private Partnership, private investment, State-Owned Enterprises investment, or bond issuance.
On the other hand, the rest of the funding, or some 19-20 percent of the Rp466-trillion cost, would be sourced from the state budget.
Furthermore, the president noted that building Nusantara City was not an easy task and estimated to take 15 to 20 years to complete.
"This is a gigantic job. It is a heavy task and it is also not an easy job. It is a complicated job. Thus, it will take a long time. We estimate that it will take between 15 and 20 years to complete," President Jokowi stated.
President Jokowi appointed Bambang Susantono as head of Nusantara City, while Dhony Rahajoe was selected as deputy head of Nusantara City in accordance with Indonesian Presidential Decree No. 9M of 2022. They were inaugurated at the Presidential Palace, Jakarta, on March 10.
Susantono was a former Deputy Minister of Transportation and Vice President for Knowledge Management and Sustainable Development at the Asian Development Bank. On the other hand, Dhony Rahajoe worked as Managing Director of the President Office at property development company Sinar Mas Land.