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Economy

China agrees to lend $4.5bn for Jakarta-Bandung railway

Indonesian consortium executive says minor documents yet to be submitted

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President Joko Widodo, center, at the January 2016 groundbreaking ceremony in Walini, West Java, for the Jakarta-Bandung rail link.   © Reuters

JAKARTA -- China Development Bank (CDB) has agreed to lend $4.5 billion to a consortium of state-owned companies from Indonesia and China building the 140km Jakarta-Bandung railway as Beijing steps up efforts to move the delayed project forward.

The agreement was signed during President Joko Widodo's visit to a Belt and Road Initiative forum in Beijing on Sunday that included bilateral talks with China's President Xi Jinping.

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