Jakarta. Indonesia will launch its proposed Indonesia International Financial Center (IIFC) in Jakarta before expanding the project to Bali as part of a phased rollout over the next two to three years, senior government officials said on Thursday.

Chief Economic Minister Airlangga Hartarto said the government is prioritizing the location that is most ready for immediate operations, with an announcement to be made once preparations are complete.

"Several locations are being prepared. One of them is in Jakarta, where the building is already available. We will announce it once everything is ready," Airlangga told reporters in Jakarta.

Danantara Indonesia Chief Executive Rosan Perkasa Roeslani said the IIFC would initially operate from Jakarta during the transition period before expanding to both Jakarta and Bali.

"During the two- to three-year transition, we will start in Jakarta before further developing the financial center in Jakarta and Bali," Rosan said.

The government plans to establish a comprehensive financial ecosystem within the IIFC, including financial services institutions, arbitration bodies, and a dedicated commercial court. It will also propose the appointment of officials to staff those institutions to President Prabowo Subianto.

The initial operations in Jakarta will be based at Danareksa Tower, a newly completed office building owned by the state investment group.

Rosan said the transition period would also be used to attract international investors. He said the government had introduced the IIFC concept to 11 foreign investors during recent meetings in Bali, adding that the response had been "very positive."

Earlier, Finance Minister Purbaya Yudhi Sadewa said the project would be financed through a combination of state budget funding and capital from Danantara, with the sovereign investment fund expected to provide the larger share.