Nusantara Development Still Relies on State Budget Through 2024

By Editorial Team 06/04/2022
sovereign wealth fund
Summary

Head of National Capital (IKN) Nusantara Authority Bambang Susantono said the construction of the state capital in East Kalimantan still relies on the state budget through 2024. Funding from the state is needed at an early stage to show the government's seriousness. This is expected to stimulate other funding sources in the future.

"We will rely a lot on the state budget because we have to provide a showcase that we are serious about building this city," Bambang said in the Katadata IDE 2022 held Tuesday virtually. Investors will slowly target this project if the market is convinced that a new capital city will be built. Besides the state budget, the government opens other funding sources to finance IKN development, requiring Rp 466 trillion in investments.

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