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Economy in brief: KCIC negotiates land clearance with CDB
JAKARTA: The joint Indonesian-Chinese firm Kereta Cepat Indonesia China (KCIC) has revealed that it is still negotiating its land clearance target with the Chinese Development Bank (CDB) to access a loan for the country’s first high-speed train service connecting Jakarta and Bandung, West Java
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J
AKARTA: The joint Indonesian-Chinese firm Kereta Cepat Indonesia China (KCIC) has revealed that it is still negotiating its land clearance target with the Chinese Development Bank (CDB) to access a loan for the country’s first high-speed train service connecting Jakarta and Bandung, West Java.
KCIC president director Hanggoro Budi Wiryawan said the bank expected 100-percent land clearance as one of the requirements to disburse its loan, while the land procurement progress so far was at 82 percent.
“We are still bargaining with them. We want it to be at 80 percent, but they are holding onto 100 percent. So we are trying to propose 90 percent now. We hope there will be some clearance by the end of this year,” he told The Jakarta Post on Thursday.
KCIC previously estimated that total land to be procured for the project would reach 600 hectares. Investment for the 142.3-kilometer railway has increased to US$5.29 billion from $5.1 billion due to a change in track design. — JP
