Inp.polri.go.id - Jakarta. President Joko “Jokowi” Widodo estimated that only about 15% of the new capital, Ibu Kota Nusantara (IKN), will be completed by the 79th Independence Day ceremony on 17 August 2024.

“Don’t expect everything to be ready by 17 August. I believe that only around 15% will be completed by then,” he said on Tuesday (16/7/2024), as quoted by antaranews.com.

He emphasized that IKN is a long-term project and will not be finished in just two or three years. 

“We still need investments from both domestic and international investors, which we are actively pursuing,” President Jokowi added.

To accelerate investment, he has signed Presidential Regulation (Perpres) No. 75 of 2024 on Accelerating the Development of IKN. The regulation provides various incentives for investors who contribute to the development of services and facilities in IKN.

Incentives include guarantees of long-term land rights, with usage rights (HGU) granted for up to 190 years, divided into two 95-year cycles. Building rights (HGB) are granted for up to 160 years in total, and usage rights for buildings are also extended up to 160 years, subject to evaluation criteria.

Infrastructure and government buildings, including the presidential and vice-presidential palaces, will be funded entirely by the state budget. 

(mg/inp/pr/nm)