Jakarta. China’s ambassador to Indonesia Wang Lutong said he understands Jakarta’s desire to renegotiate the debt terms of the Jakarta–Bandung high-speed rail project, noting that large-scale infrastructure projects like Whoosh typically take years to reach profitability.

Wang said he remains proud of the project’s success as Southeast Asia’s first high-speed railway, which is now in its second year of operation and has already served millions of passengers.

“For a project of this scale, reaching the break-even point takes many years. It’s natural for both sides to hold discussions about financial matters,” Wang told Antara on Thursday.

He expressed confidence that the Indonesian government would be able to meet its financial commitments for the project, emphasizing that there are no serious financial obstacles.

“We don’t see any financial difficulties. The line’s operational performance is positive, with a steady rise in passenger numbers. As for technical issues, we continue to discuss them with the government and relevant ministries,” Wang said.

According to Wang, Whoosh has carried about 12 million passengers since its launch two years ago, generating significant economic and social benefits for Indonesia.

Still, he acknowledged that there are technical and operational details that need continued joint review to ensure the project’s long-term sustainability.

The Whoosh high-speed rail project, which connects Jakarta and Bandung, cost $7.27 billion to build. Around 75 percent of the funding came from a loan by the China Development Bank (CDB), carrying a 2 percent annual interest rate.

The project was jointly developed by a consortium of state-owned enterprises (SOEs) from Indonesia and China. Since Indonesian SOEs are now overseen by the country’s sovereign wealth fund, Danantara, the fund is responsible for managing the project’s outstanding debt.

Earlier, Danantara Chief Operating Officer Dony Oskaria said a negotiation team would soon travel to China to seek revised loan terms, including adjustments to the maturity period, interest rate, and loan currency.

Danantara has also considered returning full ownership of the Whoosh project -- including its liabilities -- to the government, but Finance Minister Purbaya Yudhi Sadewa rejected the proposal.

Purbaya argued that Danantara receives hundreds of trillions of rupiah in dividends from state-owned enterprises each year, which could instead be used to refinance the project’s debt.

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