Jakarta. Indonesia’s new capital project of Nusantara has recorded Rp 58.4 trillion ($3.7 billion) worth of private investments so far. 

The number of private investments flowing into the new capital will likely increase as more projects break ground in the future. Some businesses both from home and abroad have also begun working on their respective projects, including hotels and hospitals.

President Joko “Jokowi” Widodo has so far launched eight groundbreaking phases, with the next one likely to take place before he steps down on Oct. 20. These groundbreaking ceremonies marked the first day of the respective project’s construction. 

“The private investments that we have secured from the past 8 groundbreaking phases totaled around Rp 58.4 trillion. It will likely increase as more projects will come,” Basuki Hadimuljono, the acting chief of the city’s authority body, told the press during a visit to Nusantara on Monday. 

Jokowi is scheduled to visit Nusantara to launch the Indonesian Football Association (PSSI) training center on Oct. 10-11. FIFA, the world football governing body, has invested around $85.6 billion for the first phase of the training center’s construction. 

The ninth groundbreaking phase will likely take place around those dates.

“But we are still finalizing the details on which projects would be likely to be ready to start construction,” Basuki said. 

The government intends to have private investors cover 80 percent of the total money needed to build Nusantara from scratch. In other words, state money only accounts for less than a quarter of the funding. Early government estimates revealed that the entire capital relocation would cost around $33 billion.

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