REPUBLIKA.CO.ID, JAKARTA — Minister of Investment and Downstream Industry/Head of BKPM, Rosan Roeslani, said that all relevant parties are reviewing various options for solving the debt problem of the Jakarta — Bandung Fast Train (KCJB) project so that the results are complete and thorough. Rosan said that the study not only touched on the financial aspects, but also covered the financial situation of the consortium as well as the operational sustainability of the project.
The government wants to ensure the restructuring is carried out comprehensively so as not to raise potential new problems at a later date. “These options are under consideration. If the review is completed, we will report it to all relevant ministries. Because there is a Ministry of Transportation, there is a related Minister, there is a Minister of State, and there is a DEN, Mr. Luhut. So, we will present so that the solution is comprehensive,” Rosan said in his office, in Jakarta, Friday (17/10/2025).
The figure, who is also CEO of Danantara, said that discussions were also conducted with the Chinese Government through the National Development and Reform Commission (NDRC). This became important because the fast train project was part of a program of strategic cooperation between the two countries’ companies in the era of President Xi Jinping.
Rosan emphasized that the evaluation was carried out thoroughly so that the financial and operational impact was also positive for PT Kereta Api Indonesia (KAI) as the majority shareholder in PT Pilar Sinergi BUMN Indonesia (PSBI).
“It’s just an option, we’re reviewing all tires, not just financially,” he said.
The KCJB or Whoosh project is a national strategic project built since 2016 and officially operational in October 2023. The total investment value of the project reached 7.27 billion US dollars or the equivalent of Rp 120.5 trillion (exchange rate of Rp 16,575 per US dollar), including a cost increase of 1.2 billion US dollars.
75 percent of the total investment was financed through loans from the China Development Bank (CDB). The project is managed by the consortium PT Kereta Cepat Indonesia China (KCIC), which consists of PSBI with a 60 percent share and China Railway Group with 40 percent.
PSBI itself is owned by four state-owned enterprises, namely PT KAI with 58.5 percent ownership, PT Wijaya Karya 33.4 percent, PT Jasa Marga 7.1 percent, and PT Perkejan Nusantara VIII with 1.03 percent. In 2024, PSBI recorded a loss of about Rp 4.2 trillion, and until the first half of 2025 it still lost Rp 1.63 trillion. The net loss of PSBI contributed to KAI reached Rp 951.5 billion.
