Indonesia is struggling to attract foreign investors to fund the development of a $32bn new capital city on the jungle-clad island of Borneo after Japan’s SoftBank withdrew its backing in March.
“Many countries are interested in participating” in the government’s plan to shift the capital from Jakarta to the newly christened city of Nusantara, including China, Japan and South Korea, the lead official for the project insisted.
“Hopefully by the end of this year we [will] know how many investors are very serious,” said Bambang Susantono, head of the Nusantara Capital City Authority, in an interview with the Financial Times.
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