Friday, February 23, 2024

IKN receives IDR 40 trillion funding from domestic investors, groundbreaking scheduled for September 2023

Reading Time: < 1 minute
Journalist IBP


Mahinda Arkyasa



Bahlil Lahadalia, the Minister of Investment, said that private investors will conduct a groundbreaking project for the State Capital (IKN) in September 2023, with a total fund of up to IDR 40 trillion.

In the first phase, the construction of basic infrastructure for the capital city has started using the state revenue and expenditure budget or APBN.

“They have started to enter the groundbreaking, this September,” said Bahlil.

President Joko ‘Jokowi’ Widodo is targeting to hold a ceremony for the Birthday (HUT) of the Republic of Indonesia (RI) on August 17, 2023 at IKN.

“The first stage is that infrastructure development is carried out by the State Revenue and Expenditure Budget, and the Regional Revenue and Expenditure Budget, now it is partially completed.” Bahlil said.

He said that a number of infrastructures had begun to be built on the basis of Foreign Investment (PMA) to Domestic Investment (PMDN).

A number of infrastructure such as stadiums and sports arenas comply with Federation Internationale de Football Association (FIFA) standards.

“After this we started to build hospitals, education and housing in the IKN, and it has started running and the city is very good,” he added.

On the other hand, the IKN project will continue even though it will replace the president in 2024, and until 2045. The total cost of building this IKN is estimated at IDR 466 trillion, of which less than 20% comes from the APBN. Meanwhile, 80% comes from private and government investment.

Journalist IBP


Mahinda Arkyasa




We will provide you with an invoice for your reimbursable expenses.


New to Indonesian market? Read our free articles before subscribing to the premium plan. If you already run your business in Indonesia, make sure to subscribe to the premium subscription so you won’t miss any intelligence & business opportunities.


$550 USD/Year


$45 USD/Month

Cancelation: you can cancel your subscription at any time, by sending us an email

Add keywords to your market watch and receive notification:
Schedule a free consultation with us:

We’ll contact you for confirmation.


President Director of State electricity company PT PLN, Darmawan Prasodjo, has suggested that hydrogen fuel cell vehicles as future transportation is much more efficient when compared to fuel-based, even electric vehicles.
Vale Indonesia, a subsidiary of Canadian company Vale, has denied the Indonesian government’s claim that Vale Indonesia and Indonesian state-owned mining holding company MIND ID had reached an agreement with the government on the price of divestment shares.
Pertamina Hulu Mahakam (PHM) has secured the final investment decision (FID) approval to proceed with the implementation of the more than US$ 300 million Offshore Field Development Project (OPLL-3B) in the Mahakam Block.
Vela Alpha, a drone developed by PT Dirgantara Indonesia or PTDI in collaboration with PT Vela Prima Nusantara, also known as Vela Aero, made its appearance at the Singapore Airshow 2024 aviation exhibition.
The Upstream Oil and Gas Regulatory Task Force (SKK Migas), along with Inpex Corporation, is still studying global liquefied natural gas (LNG) market projections to secure long-term gas sales contracts for the Masela Block.
Ministry of Energy and Mineral Resources (ESDM) is unveiling a promising prospect for sustainable energy development mainly in Papua’s hydropower and its potential export.