Member of Commission VI of the House of Representatives, Darmadi Durianto, opened his voice regarding the plan of the Anagata Nusantara Power Investment Management Agency (BPI Danantara) to take over the debt of the Jakarta-Bandung high-speed rail project.
Darmadi highlighted the funds managed by Danantara. He said the funds were sourced from dividends of State-Owned Enterprises (BUMN). Therefore, its use must be very careful and transparent.
"That must be considered. This intermediary can get funds from dividends. Especially from SOEs. It can't be used for things that don't actually make sense, right. Something that is not visible at all. Then the funds just run out, for example, "he said when met at the Ministry of Trade Office, written Thursday, August 7th.
The Jakarta-Bandung high-speed train or currently known as airshed, Darmadi continued, is a long-term program. Thus, it is not known when the project will be able to return on investment.
Therefore, according to Darmadi, an in-depth study is needed whether it is appropriate for Danantara to enter the project in terms of funding.
"It was good then he (Danantara) entered there. If the business plan is good, of course we will support it. But if it's not good, we won't support it either," he said.
He also compared the steps taken by Danantara Indonesia to inject funds into PT Garuda Indonesia (Persero) Tbk. According to him, the company has a good business plan, and also has good brand equity. Thus, the DPR also supports Danantara's decision.
"We'll see the business plan, for example. Oh okay, this makes sense. He's asking for approval from the DPR, coordination. It turns out that Garuda is okay. The addition of the plane can be because it's premium price right. The equity brand is still good and so on. We see this has prospects," he said.
"But if our KCIC hasn't done binoculars yet. Not yet. Now this is to be saved. How much money is this to save? Is it visible? Because the calculation is more than 100 years, that's if it's consistent. So how about dealing with this? We have to talk like that," he continued.
As previously reported, Danantara will restructure the debt of the Jakarta-Bandung High Speed Rail (KCJB) project. This restructuring is one of the focuses of 22 work programs that will be accelerated in the remaining 2025 by Danantara.
The high-speed train project, known as MAYh, experienced a cost overrun of US$1.2 billion or equivalent to Rp18.76 trillion. Of this amount, 60 percent is charged to the Indonesian consortium or around US$720 million.
The financing structure consists of 25 percent through KAI's State Equity Participation (PMN) worth IDR 3.2 trillion. Meanwhile, the remaining 75 percent were sourced from loans to China Development Bank (CDB) amounting to USD 542.7 million or IDR 8.4 trillion.
Danantara Indonesia Chief Operating Officer (COO) Dony Oskaria said his party would propose several alternatives to restructuring the fast train debt to the government.
"Indeed, we are thinking about this fast train, and we will propose it soon. But there are still some alternative solutions that we will offer, we will convey to the government about the completion of this fast train," said Dony when met at the DPR Building, Jakarta, Wednesday, July 23.
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Dony explained that this debt restructuring needs to be done in order to maintain the performance of SOEs involved in the high-speed rail project, especially PT Kereta Api Indonesia (Persero) which is the leader of the Indonesian consortium.
For your information, the operator of the Fast Train-Jakarta Bandung, PT Kereta Cepat Indonesia China (KCIC) is a joint venture between the Indonesian consortium, PT Pilar Sinergi BUMN Indonesia (PSBI) with 60 percent share ownership, and the remaining 40 percent have a Chinese consortium, Beijing Yawan HSR Co. Ltd.
PSBI's shareholder composition consists of PT Kereta Api Indonesia (Persero) at 51.37 percent, PT Wijaya Karya (Persero) Tbk 39.12 percent, PT Jasa Marga (Persero) Tbk 8.30 percent, and PT Perkebunan Nusantara VIII 1.21 percent.
"This is an operation, we are currently seeing how the long-term solution will be regarding the debts of this consortium which is quite large. We will convey this later (to the government)," he said.
Dony said the debt restructuring of the Jakarta-Bandung high-speed rail project would be carried out comprehensively and would not interfere with KAI's performance.
"We want the settlement this time to be comprehensive and not interfere with the performance of the Indonesian Railway in the future," he said.
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