The Jakarta Post
The construction progress of the light rail transit (LRT) project in Jakarta has reached 15 percent, according to state-owned construction company PT Adhi Karya, a contractor of the project that is required to complete it in 2019.
The Rp 23.5 trillion (US$1.77 billion) transportation project connects Cibubur in East Jakarta to downtown of the capital city.
Adhi Karya director Budi Harto said the company needed to finance the project before starting construction and funds would be reimbursed by the government.
“We have invested some Rp 3.5 trillion. We have started the construction of a section from Cawang in East Jakarta to Dukuh Atas in Central Jakarta,” said Budi, adding that they were still constructing the foundation of the Cibububur–Cawang section.
To finance the project, the company has issued bonds worth Rp 3.5 trillion for the first phase and Rp 5 trillion for the second phase.
Initially, the project was expected to be completed in 2018 as it was to be used to transport athletes and spectators of the 2017 Asian Games. But a financial shortage in the state budget forced the government to find alternative funds and extend the deadline of the project. (bbn)