TEMPO.CO, Jakarta - West Java deputy governor Deddy Mizwar said the province will offer US$8-billion worth of municipal bonds early next year, reports said Friday, July 31, 2015.

The 10-year-bond issuance is expected to garner ample proceeds that can be used to finance local infrastructure projects.

One of the projects to be financed by the proceeds, Deddy said, is the Kertajati Airport construction. In the first year of development, the airport is estimated to require Rp4.3 trillion.

There are also a number of highway projects including the Cileunyi-Sumedang-Dawuan (Cisumdawu Toll), Gedebage-Tasikmalaya, Sukabumi-Ciranjang, and Ciranjang-Padalarang.

Deddy said that West Java's economy is in fit condition to issue bonds, considering its local revenues that have continued to increase in recent years.

Deputy Finance Minister Mardiasmo had said that West Java's bond offering—the first municipal bonds to be issued in Indonesia—could motivate other provinces to do the same. "We want this to be a 'role model'," he said on Wednesday.

On Friday last week, the Financial Services Authority (OJK) issued 35 policies to help the finance industry withstand the global economic downturn. The policies cover of 12 policies in the banking sector, 15 in the capital market sector, four in the non-bank finance industry, and four in the field of financial education and consumer protection.

RR. ARIYANI | ALI HIDAYAT