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View all search resultsSouth Korea set to finance Jakarta LRT project
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An aerial shot of the light rail transit project in Kuningan, South Jakarta. (Antara/Puspa Perwitasari)
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South Korea public company, Korea Rail Network Authority (KRNA), is set to provide US$500 million to finance the development of the light rail transit (LRT) serving the velodrome facility in Rawamangun, East Jakarta, to Dukuh Atas, Central Jakarta.
The announcement was made official with the signing of an agreement between KRNA and the city-owned construction company PT Jakarta Propertindo (Jakpro) on Thursday.
The agreement was a follow-up to the Memorandum of Understanding signed by both parties last year.
"Further, Jakpro will review the public private partnership [PPP] scheme by teaming up with KRNA to continue the second phase development of LRT [serving the velodrome to Dukuh Atas]," the president director of Jakpro, Satya Heragandhi, said according to wartakota.tribunnews.com.
He added that the cooperation was expected to ease the city administration's burden in financing the project.
Besides financing the project, KRNA would provide free training to workers to operate and maintain the LRT.
“This was crucial because the priority line of the LRT, serving the velodrome to Kelapa Gading, North Jakarta, had been scheduled to operate before the 2018 Asian Games,” Satya said. (cal)
