Nusantara Huge Economic Potential Makes Brunei Agrees to Chip in

The Nusantara Capital City (IKN Nusantara) Authority has secured investment interest amounting to Rp 7 trillion from the Bandar Seri Begawan Investor Consortium based in Brunei Darussalam. This investment plan surfaced following President Joko Widodo's visit to Brunei Darussalam. Agung Wicaksono, IKN Nusantara Authority's Deputy for Funding and Investment, stated that the consortium had submitted a Letter of Intent (LoI) as the initial step in the investment process.

Agung stated that the commitment to investment was outlined in the feasibility study document provided by the international consortium. The breakdown of the initial investment value is intended to cover land acquisition costs, construction expenses, and other related processes. "Not only from Brunei but also from the Arab members of the consortium, who have experience in developing a new capital city in Egypt, expressing their investment interest in residential projects," he said on Jan 16.