Yes, you heard it right! Indonesia will come up with a new capital which sparks a new controversy. Only 20% of the project would be funded by the government, and the remaining 80% will come from the private sector, according to President Joko Widodo.A top member said on Friday that an additional 15 trillion rupiah ($1.01 billion) had been agreed by Indonesias parliamentary budget committee to speed up construction of the countrys future capital, Nusantara.The committees chair, Said Abdullah, stated that an additional 15 trillion rupiah will be used for construction this year in addition to the 22 trillion rupiahs already set aside for the development of Nusantara on Borneo island in 2023. He also said that people will be able to live there by June 2024.With at least 16,000 government officials, members of the military, and police set to relocate there in the upcoming year, Indonesia is rushing to have the capitals primary administrative offices including the presidential palace and important cabinet buildings complete by the middle of 2024.Only 20% of the $32 billion projects overall cost will be covered by the government, according to President Joko Widodo, with the remaining 80% coming from the private sector.However, no investment deal has been signed as investors about the project feasibility and continuity despite the government offering incentives. Notably, Joko Widodo will finish his term next year.
