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Foreign investors interested in Jakarta LRT expansion: Jakpro
City-owned developer Jakpro says several foreign investors from across the globe have expressed interest in financing the Phase 1D, 2A and 2B expansion projects of the Jakarta LRT totaling an estimated Rp 24.06 trillion (US$1.48 billion).
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A Greater Jakarta light rail transit (LRT) train arrives on Dec. 21, 2023 at Dukuh Atas Station in Setiabudi, South Jakarta. (Antara/Rifqi Raihan Firdaus)
F
oreign investors have shown interest in the government’s plan to extend the Jakarta light rail transit (LRT) network to develop the capital city’s public transportation system, according to city-owned infrastructure, utilities and real estate developer Jakarta Propertindo (Jakpro).
Jakpro CEO Iwan Takwin said on Monday that the company had received letters of intent (LOIs) from investors in Asia, Europe and the Middle East regarding three LRT expansion projects totaling Rp 24.06 trillion (US$1.48 billion) offered through the Jakarta Investment Center (JIC).
Iwan did not provide any details about the potential investors.
"As for the target, the sooner we can secure an investor the better, but it also depends on each investor’s assessment and analysis process before they make a decision," he said.
An LOI is a document stating the commitment of one party to enter into a formal agreement with another and is nonbinding, meaning that the issuing party can still back out.
Jakarta traffic has continued to worsen since the government eased the COVID-19 public activity restrictions, though it remains below pre-pandemic levels.
Read also: Yearender: Hailed yet flawed, Jakarta’s railway projects finally gather pace
