Jakarta. Government estimates show that Jakarta will need approximately Rp 561 trillion (around $34.8 billion) in infrastructure funding to become a global city, especially after it loses its capital city status.

The government is seeking to move the capital from Jakarta to a future city called Nusantara in East Kalimantan. Despite the capital relocation, President Joko “Jokowi” Widodo wants Jakarta’s developments to still remain a priority and turn it into a global city, according to the National Development Agency (Bappenas). However, that dream calls for huge funding.

“The government will continue to develop Jakarta as a business city, financial city, trade center, and the services center that are of regional and global level,” Abdul Malik Sadat, a director at Bappenas, told a group discussion at B-Universe’s headquarters in PIK 2 on Tuesday. 

“To make Jakarta a global city, we would need Rp 561 trillion for infrastructure developments. We can get the money through blended finance,” Abdul said.

The government will need to make the necessary policy interventions and seek strategic investments, by also involving the private sector. It also calls for collaboration between the regional governments, as well as creative financing. All this combined would make Jakarta a green, global city that can drive Southeast Asia’s economic growth.

“That is why we need to improve Jakarta’s performance in the global constellation, so it can compete with other cities in ASEAN,” Abdul said