Saudi Mubasher Group Ltd. Co. plans to invest Rp 26 trillion (about US$2.6 billion) in the project, according to Ali Kabul Mahi, an official from the city administration.

Ali said the money must be spent on building an international port in Panjang.

The Dubai company, Ali said, would only invest in construction, which is projected to be completed in 20 years.

"The city administration will have to set aside Rp 2.6 trillion, or 10 percent of the investment value, as a guarantee," Ali said Thursday.

He said the city administration could either look to the central government or work with PT Penjaminan Infrastruktur Indonesia (Indonesia Infrastructure Insurance) to raise the money.

Based on Government Regulation No. 35/2009 on state capital participation, the company was established to ensure a joint-venture infrastructure sector.

"We have a chance to realize the project with the presence of the infrastructure investment security institution. An investor would be expected to facilitate funding," Ali said.

Although the Dubai investor looks to be onboard the project, the city is continuing to promote the project to other foreign investors.

Bandarlampung Mayor Eddy Sutrisno said his office had been promoting the WFC project to investors from Spain and China.

A presentation will also be made to the ambassadors of Russia, Australia, the Netherlands and Poland during the Lampung Fair on July 23.

"We expect them to invest in the project," Eddy said.

Meanwhile, tens of thousands of coastal residents in Bandarlampung have refused to occupy leased flats built by the Bandarlampung municipal administration. The flats were built to house those displaced by the project.

The WFC project would span 27 kilometers from the Panjang container port to the Lempasing auction facility.

The project has been marred by protests alleging unfair compensation and unlawful coastal reclamation. The National Development Planning Board is still studying the feasibility of the project.

The WFC project spans four zones. Zone A is designated for flats that will be leased out, the WFC Center, the Water Front Gate, a business area, a micro business area, a walkway, a fishing area, a waste disposal facility, an integrated fishing zone, a modern urban residential area, a recreational beach and a conservation area.

Zone B is designated for ferry, container, cargo, livestock and private ports, and a bonded industrial zone.

Zone C is for global trade, a shopping mall, stores, a coastal recreational area, low-density housing, town houses, a city park and a conservation area, cafes and restaurants, the Sumatra Trade Center, the Sumatra-Java Trade Center, a walkway and hotels.

Zone D is for a recreation area and a city park, low-density housing, hotels and restaurants, a golf course, bungalows and villas, the Sumatra Rain Forest conservation area, karaoke establishments, a marine park, a public hall and an education park.

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