JAKARTA: The consortium building a China-funded high-speed railway in Indonesia is seeking a 16.1 trillion rupiah ($1.03 billion) loan top-up from China Development Bank (CDB) to fund a budget overrun on the project, company executives said on Wednesday.
The $6 billion project is facing ballooning costs due to several issues including higher land procurement costs, delays in construction due to the pandemic, and rising prices of materials, Dwiyana Slamet Riyadi, president director of the consortium, known as KCIC, told a parliamentary hearing.
