October 8, 2025 | 09:16 pm
TEMPO.CO, Jakarta - Indonesian sovereign wealth fund Danantara CEO Rosan Roeslani revealed that talks are ongoing with China over debt restructuring of the high-speed rail company, PT Kereta Cepat Indonesia China (KCIC).
According to Rosan Roeslani, the talks surrounding the Whoosh high-speed train are expected to produce comprehensive reforms, not just restructuring.
"We want a comprehensive reform, so that after we restructure there will be no more things like the possibility of default and so on in the future," said Rosan Roeslani to journalists after attending the Investor Daily Summit 2025 at the Jakarta Convention Center on Wednesday, October 8, 2025.
Rosan Roeslani stopped short of detailing further about the comprehensive reform scheme, as the negotiations are still ongoing. But he ensured the talks with China are expected to conclude as soon as possible.
The debt restructuring of KCIC has become one of Danantara's programs in the 2025 Company Work Plan and Budget. In a working meeting with the House of Representatives' Commission VI, Danantara's Chief Operating Officer, Dony Oskaria, said Danantara was formulating several alternative debt settlement options for PT KCIC.
According to Dony, the steps to be taken for the settlement must be comprehensive and not disrupt the performance of PT Kereta Api Indonesia (KAI), the leader of the Indonesian consortium of KCIC. "We are seeking long-term solutions for these substantial consortium debts," he said at the Parliament complex, Jakarta, on July 23, 2025.
The high-speed train project, launched commercially in October 2023, was owned 60 percent by Indonesia and 40 percent by China. Initially, China offered US$5.5 billion or around Rp89.6 trillion for the project. However, the project's costs swelled to US$6.071 billion or Rp98.9 trillion in 2018.
When Whoosh became operational, China and Indonesia agreed to the project's cost escalation of US$1.2 billion. Thus, the project cost increased to US$7.27 billion, or equivalent to Rp118.4 trillion. The Indonesian and Chinese governments agreed that 75 percent of the cost escalation would be covered by a new loan from the China Development Bank and 25 percent from KCIC's equity.
Han Revanda Putra contributed to the writing of this article
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