Indonesia considers another 500 million USD for new capital megaproject

Indonesia considers another 500 million USD for new capital megaproject hinh anh 1

Indonesian Finance Ministry Isa Rachmatarwata (Photo: antaranews.com)

Jakarta (VNA) - The Indonesian Finance Ministry is mulling adding around 8 trillion IDR (531 million USD), to this year’s budget plan for Indonesia’s new capital megaproject Nusantara.

Speaking at a recent press briefing, director-general for budgeting at the Finance Ministry Isa Rachmatarwata said the extra money is because President Joko Widodo has asked the ministry to prepare the land for the investors.

Earlier, the government has allotted 23 trillion IDR in the original 2023 budget plan for the Nusantara project.

According to Isa, the Public Housing Ministry has asked for an extra 7 trillion IDR or 8 trillion IDR for the budget plan. However, there is still a possibility that the Finance Ministry might add even more money to cover other needs for the city’s construction.

In early March, President Joko Widodo approved a new regulation that offers incentives to businesses investing in Indonesia's planned new capital, Nusantara, including tax holidays of up to 30 years and 95 years of land use permits./.

VNA

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