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Jakarta monorail finance agreed February 17, 2006

Posted by ekon in investasi.
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TheStandard – 2006-02-17 10:58:02

Friday, 17 February 2006

The Dubai Islamic Bank has reportedly agreed to fund Jakarta’s first monorail project, removing financial hurdles that have dogged the plan from the outset.

The bank will provide credit of US$500 million (HK$3.9 billion), Jakarta Governor Sutiyoso said, so “the monorail project should be completed soon. We need to work night and day.”

Sukmawati Syukur, a director for Jakarta Monorail, confirmed the agreement, Kompas daily said.

The 27-kilometer monorail project was inaugurated in June 2004 by then- president Megawati Sukarnoputri, but work has been hampered by a lack of money and wranglings over the technology to use.

Two lines will serve Jakarta’s business districts and outer areas, and are expected to carry up to 270,000 passengers a day. The first line is supposed to be completed by next year.

A memorandum of understanding to get construction started was first awarded in 2003 to Malaysian firm MTrans but the deal was canceled.

Source: TheStandard

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