TEMPO.CO, Jakarta - The Indonesian government is reportedly still attempting to seek crucial funding in order to continue the 2,500-kilometer national toll road construction up to 2024.

The Public Works and Public Housing (PUPR) Ministry’s Head of Toll Road Regulatory Agency, Danang Parikesit revealed that completing the project would need investments up to Rp400 trillion.

“This is wide opened. It’s why we are very much welcome with financiers and financial institutions that are interested in establishing cooperation,” said Danang to Tempo on Sunday.

Based on the government’s established goal, the toll road construction would cost roughly Rp110-150 billion for each kilometer, which Danang asserts will tend to be catered to the characteristics of the potential investors as some would focus on the return of investments while others might be actively involved in the construction process.

“[In hopes] of seeing financial investors being interested in acquiring the operable toll road,” he said.

A similar tone was expressed by the Coordinating Minister of Maritime Affairs and Investments, Luhut Binsar Pandjaitan after his meeting with the United States International Development Finance Corporation (IDFC) last week.

Reports suggest that negotiations are ongoing which results in the US financier backing up to Rp820 trillion or USD60 billion for the Indonesian government’s projects. The DFC Chief Executive Officer Adam Boehler said the investment could grow in the future as it is still in its infancy and is expected to attract larger financing in the future.

The coordinating ministry’s special staff, Atmadji Sumarkidjo, confirmed that Indonesia’s toll road projects remain as the most attractive project the DFC is eyeing to fund. “They will send in a technical team to Indonesia,” he said to Tempo.

The PUPR Ministry announced in late 2019 that 1,500 kilometers of toll road have been completed since President Jokowi’s first term in 2014, which adds to 780 kilometers from existing toll roads from the previous presidential term.

MUHAMMAD HENDARTYO | EKO WAHYUDI | YOHANES PASKALIS PAE DALE