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View all search resultsWhoosh structural overhaul to satisfy China, Purbaya says
The finance minister expects Chinese stakeholders "to be satisfied" with the government's latest debt restructuring plan for the Whoosh high-speed rail project, with the new setup aiming to address persistent cost overruns, delays and interagency incoordination through a more proportionate risk-sharing approach.
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Passengers wait on a platform as a train arrives on March 15, 2026, at KCIC Padalarang Station in West Bandung regency, West Java, serving the Whoosh high-speed rail operated by PT Kereta Cepat Indonesia China (KCIC). (Antara/Abdan Syakura)
T
he government has finalized a plan to restructure the consortium and debt behind the Jakarta-Bandung high speed rail (HSR) that is expected to satisfy Chinese stakeholders, according to the finance minister.
“I met with the Chinese finance minister earlier and said a decision has been made, which is pending an announcement, so there’s no need to worry,” Finance Minister Purbaya Yudhi Sadewa told reporters on Wednesday in Jakarta, on the sidelines of an event for the ministry’s PT Sarana Multi Infrastruktur (SMI).
He added that Chinese investment partners of the transportation megaproject were “expected to be satisfied” with the new arrangement, which Coordinating Infrastructure Minister Agus Harimurti Yudhoyono would be announcing in the coming days.
Purbaya declined to disclose details, saying only that the debt restructuring would reflect a risk-sharing approach, with both Indonesian and Chinese stakeholders bearing losses proportionate to their share.
Read also: Purbaya addresses US investors in first overseas trip
Branded Whoosh, the Jakarta-Bandung HSR is operated by PT Kereta Cepat Indonesia China (KCIC), a joint venture formed in 2015 between an Indonesian and a Chinese consortium.
Local consortium PT Pilar Sinergi BUMN Indonesia (PSBI) is entirely made up of state-owned enterprises (SOEs) led by national railway company PT Kereta Api Indonesia (KAI) as the largest shareholder. The others are construction firm PT Wijaya Karya (WIKA), toll operator PT Jasa Marga and agribusiness company PT Perkebunan Nusantara VIII (PTPN VIII), which provided the land.
