THE NUSANTARA Capital Authority (OIKN) reported that investment realization in the development of Indonesia’s new capital Nusantara in East Kalimantan has reached around IDR47.5 trillion (around US$3 billion).

“Throughout 2023, the realization of investment reached IDR41.4 trillion (around US$2.62 billion). As of now, investment has increased by IDR6.1 trillion (around US$386.34 million),” OIKN Head Bambang Susantono stated here recently.

Private investors and state-owned enterprises (SOEs) injected a combined IDR47.5 trillion (US$3.04 billion) into the project, with private investors contributing IDR39.5 trillion (US$2.5 billion) and SOEs adding IDR8 trillion (US$506.93 million).

The OIKN is targeting investment in the development of Nusantara, which can be sourced from private investors and SOEs, to reach around IDR100 trillion (around US$6.33 billion) by the end of 2024.

According to Susantono, investors who are among the first involved in the development of Nusantara City receive special privileges, namely being able to look for a strategic place for their business.

“We are optimistic that investment in Nusantara City will continue even though currently, we are in the 2024 General Elections period,” he remarked.

The OIKN is optimistic that more investors would invest in the development of Nusantara City in 2024, he stated.

President Joko Widodo (Jokowi) had earlier stated that the development of Nusantara needs around IDR466 trillion (around US$29.52 billion), of which around 19-20% is sourced from the state budget, while 80 percent is sourced from investment.

On Wednesday (January 17), President Jokowi inaugurated the groundbreaking for the construction of the OIKN office in Nusantara to support the progress in development of the new capital city.

He noted that the OIKN office building will comprise the main building, data center building, and regional infrastructure, with a capacity of up to 600 people in the first stage of construction.

On the same occasion, Susantono stated that construction of the office, which will also function as a City Hall, is targeted for completion by December 2024. [antaranews]