Pretty ornate presidential palace in Indonesia’s planned new capital Nusantara The Manila-based development bank said in a March 18 statement that the Asian Development Bank (ADB) will support Indonesia in building a planned 320-nation project on the island of Borneo by “mobilizing” financing and assessing the environmental and social impacts of projects. billion dollar capital city. . The bank will also help design the new city, named Nusantara. However, ADB did not specify whether it would be actively involved in financing the new capital, for example by providing “ADB will share…
The Manila-based development bank said in a March 18 statement that the Asian Development Bank (ADB) will support Indonesia in building a planned project on the island of Borneo by “mobilizing” financing and assessing the environmental and social impacts of the project. $32 billion capital city. .
The bank will also help design a new city called Nusantara.However, ADB did not specify whether it would be actively involved in financing new capital, such as loans for projects
“ADB will share international lessons learned to help NNCA design and finance the construction of the new capital,” said Ahmed Saeed, a senior ADB official, referring to Nusantara, the government agency in charge of the project National Capital Authority, the project is led by former ADB Bambang Susantono. Vice President and former Deputy Minister of Transport of Indonesia.
Japan’s SoftBank exits
The bank’s statement follows Decide Japan’s SoftBank Group said it would not invest in Nusantara, although the Indonesian minister earlier said the group had provided billions of dollars for the project.
Indonesian President Joko Widodo has said he wants the government to fund only about one-fifth of the cost of the new capital city, with private and foreign investors taking the rest.
If the country’s sovereign wealth fund, Invest Indonesia, sees the project as “commercially viable,” it will invest in the new capital. Reuters previously reported.
Indonesian government plans to start construction From July 2022 Starting with the core government cluster and the presidential palace, civil servants are expected to relocate from the current capital, Jakarta, to Nusantara in 2024. The massive project will be carried out in five phases until 2045.
