Author: Sultan Ibnu Affan
Bloomberg Technoz, Jakarta – The Daya Anagata Nusantara Investment Management Agency (Danantara Indonesia) stated that it is currently evaluating the planned debt restructuring for the Jakarta-Bandung High-Speed Rail (KCJB) project.
“Yes, we are also evaluating this [high-speed rail debt restructuring], and we want to ensure that it can be done,” said Rosan Perkasa Roeslani, Minister of Investment and Downstream Development/Head of the Investment Coordinating Board (BKPM) and CEO of Danantara, on Tuesday (August 5, 2025).
Rosan also stated that his agency wants to ensure that Danantara’s planned corporate action can be completed. “So it’s not just a matter of postponing the problem,” he added.
However, Rosan declined to elaborate on the funding scheme or when Danantara’s initiative would be implemented.
“We will announce our steps in due course, as we restructure KCIC, or whoosh. Thank you. We will report the results later,” Rosan promised reporters.
Previously, Danantara Chief Operating Officer, Dony Oskaria, stated that Danantara is preparing several long-term solutions to resolve the debt issue of the Jakarta-Bandung High-Speed Rail (KCJB) project.
This is because the project consortium is known to bear a significant financial burden and is now on Danantara’s restructuring priority list.
“We want this resolution to be comprehensive and not disrupt the future performance of Indonesian Railways,” Dony said after a recent hearing with Commission VI of the House of Representatives (DPR).
As is known, the KCJB consortium involves several state-owned enterprises, including PT KAI, PT Wijaya Karya (WIKA), and PT Jasa Marga. All of these entities are involved in the management and financing of the KCJB project, which has an investment cost of up to US$7.2 billion, including cost overruns of approximately US$1.2 billion.
These additional costs are due to various constraints such as land acquisition, design changes, and technical complexities during construction.
The project’s financing scheme consists of 25% equity and 75% debt. The Whoosh High-Speed Rail project is funded by a 75% loan from the China Development Bank.
The remaining 25% is contributed by shareholders, consisting of PT Pilar Sinergi BUMN Indonesia (PSBI) with a 60% stake and Beijing Yawan HSR Co. Ltd. with a 40% stake.