Government explores crowdfunding potential for new capital project

TEMPO.CO, JakartaThe head of the new capital authority (IKN), Bambang Susantono, spoke about the potential of crowdfunding as one of the funding channels for the state capital project. Community participation is considered to create good development of the new capital of East Kalimantan.

“It is possible to be financed by crowdfunding. We are exploring all creative funding models,” Bambang said in an interview with Tempo headquarters, Monday, March 21.

In order to attract the public to participate in financing the development of the IKN, he argued, the state budget (APBN) plays a very vital role as an anchor in order to build trust among potential investors.

According to Bambang, the project will gain market confidence in the next three years, and investors or the private sector will invest heavily.

“They want to see the seriousness of the government,” he said, adding that based on his experience at the Asian Development Bank (AfDB), multilateral institutions invest when there is quality assurance.

Bambang further pinpointed the hope that in the next two to three years, new capital development will mainly start using funds from the state budget, which will be leveraged to encourage market confidence. “We can’t go wrong with this initial capital,” he said.

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