The Indonesian-Chinese consortium building a high-speed rail link between the capital Jakarta and the textiles hub of Bandung expects to earn $18 billion developing satellite towns and industrial centers along the line, a company official said, ONA reports citing Reuters.
The rail project, part of Beijing’s Belt and Road Initiative (BRI) to connect China with Asia, Europe and beyond was described last month by China’s ambassador to Indonesia, Xiao Qian, as “the first high-speed rail of Southeast Asia”.
After nearly three years of delays over land ownership disputes, construction on the rail line, which is financed principally by a $4.5 billion loan from China’s Development Bank, finally kicked into gear in 2018.
The chief executive of Wijaya Karya (WIKA), which heads the Indonesian side of what is the most high-profile of several Belt and Road projects in Indonesia, said that the state-owned construction firm expects to book 266 trillion rupiah ($18.7 billion) from four transit-related developments by 2070.
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