KAI Boss: China Development Bank To Finance 75 Percent Of Jakarta-Bandung High-speed Rail Construction Worth Rp64.9 Trillion

Illustration. (Photo: Doc. Antara)

JAKARTA - President Director of PT Kereta Api Indonesia (Persero) or KAI Didiek Hartantyo revealed loan funds for the construction of the Jakarta-Bandung Fast Train (KCJB) project worth 4.55 billion US dollars or equivalent to Rp. 64.9 trillion (assuming an exchange rate of Rp. 14,400 per dollar). US). He said the loan funds were equivalent to 75 percent of KCJB's total investment value of 6.07 billion US dollars.

"The value of 6.07 billion US dollars, the composition of the source of funds is 75 percent from China Development Bank (CDB) loans, then 25 percent comes from equity from KCIC (Indonesia-China Fast Train). grace period of 10 years," he said at a hearing with Commission VI of the DPR, Wednesday, September 1.

Meanwhile, said Didiek, the availability period is until 2022. Meanwhile, the loan interest rate is 2 percent for the US dollar and 3.5 percent for the yuan.

"This has only been extended on May 7, 2021 in accordance with the CBD consent and waiver letter, previously availability was until May 14, 2021," he said.

Didiek said in terms of financing for engineering procurement construction (EPC) or the planning design stage, procurement of goods and services, until construction reached US$4.7 billion. The EPC value is included in the overall value of the national strategy project (PSN).

Even so, continued Didiek, the budget of Rp. 64.9 trillion was only in the form of capital expenditure (capex).

"No, this is still early. So this is the initial capex value. The project value was 6.07 billion US dollars, so the EPC is worth 4.7 billion US dollars. So from 6.07 billion US dollars 4.7 billion US dollars is an EPC," he said.

For your information, PT Kereta Cepat Indonesia China (KCIC) consists of two consortiums. First, PT Pilar Sinergi BUMN Indonesia (PSBI), in which a number of state companies are involved. Among them are PT Wijaya Karya (Persero) which has a 38 percent stake, then KAI 25 percent, PT Jasa Marga (Persero) Tbk, 12 percent, and PTPN VIII 25 percent.

"The consortium PT BSBI has a 60 percent stake in KCJB. Then the Chinese consortium owns 40 percent, namely Beijing Yawan HSR Co. Ltd," he said.

Then another 40 percent stake is owned by a Chinese consortium, namely Beijing Yawan HSR Co. Ltd, which consists of 5 companies, namely CRIC with 5 percent shares, CREC 42.88 percent, Sinohydro 30 percent, CRCC 12 percent, and CRSC 10.12 percent.

"There are 7 consortium members with contracts here to build EPC, 30 percent of WIKA, and 70 percent of which is divided into a consortium from China. The agreed time is 36 months of work starting on June 9, 2018 until now the second week of August the progress of work has reached 77, 9 percent," he explained.