China Development Bank (CDB) has committed to dispensing a loan of up to US$5b to a consortium consisting of several SOEs with Wijaya Karya (WIKA) acting as the consortium leader. The funds will be used for the development of Jakarta-Bandung medium speed railway project. Currently, WIKA’s consortium and China Railway Construction Corporation’s (CRC) consortium are forming a new JV company. The project is expected to see groundbreaking next year with a three-year construction period.
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