August 21, 2025 | 04:49 pm
TEMPO.CO, Jakarta - State-owned railway operator PT Kereta Api Indonesia (KAI) CEO Bobby Rasyidin said that the company will coordinate with the Investment Management Agency of Anagata Nusantara (BPI Danantara) to address the debt of PT Kereta Cepat Indonesia China (KCIC).
"Regarding the KCIC issue, we are also delving into it. This is a time bomb," Bobby said during a hearing with members of Commission VI of the House of Representatives (DPR) at the Nusantara I Building on Wednesday, August 20, 2025, as quoted from the parliament's YouTube channel, TVR Parlemen.
During this inaugural meeting with DPR members, Bobby faced numerous questions about the financial burden of the debt of the Jakarta-Bandung High-Speed Train, Whoosh.
The Chair of Commission VI, Anggia Ermarini, noted that while KAI's core performance was strong, it was negatively impacted by the Whoosh debt. "Actually, the Railway could earn high profits, but because of Whoosh, it's in deficit," Anggia said.
Another member of Commission VI, Darmadi Durianto, echoed this concern, emphasizing the substantial financial burden KAI has carried over the past two years, particularly from the high-speed train project.
"If we calculate, by 2025, the financial burden from the KCIC losses could reach over Rp4 trillion. The burden from KCIC alone is already over Rp950 billion; multiplied by two, it's over Rp4 trillion," Darmadi stated.
Meanwhile, Mufti Anam, a politician from the PDIP party, urged the KAI management not to rely solely on assistance from Danantara. He pressed the CEO to take tangible steps to independently manage the KCIC debt.
"We demand a roadmap for the Whoosh train; you should master that, or else the debt burden on KAI will be substantial. Depending solely on Danantara to settle this debt is also not good because this is the result of policy mistakes, which then became a debt," he said.
In response to the parliament's suggestions and criticisms, KAI's CEO, Bobby, affirmed the company's commitment to resolving the high-speed train issue to prevent further financial strain. "Currently, there are still many internal obstacles within KAI's organization, and we need a week to delve into this issue," he stated.
The Indonesia-China High-Speed Train Project, connecting Jakarta and Bandung, was initiated during the administration of President Joko Widodo or Jokowi. President Jokowi officially inaugurated the line on October 2, 2023, with KCIC beginning commercial operations under the name Whoosh on October 17, 2023.
Initially projected to cost US$6.02 billion, the project experienced a cost overrun, pushing the total to US$7.22 billion. About 75 percent of the development cost was financed by a US$5.415 billion loan from the China Development Bank. KCIC is responsible for annual payments of US$120.9 million, which includes a 2 percent interest rate on the principal debt and a 3.4 percent rate for the cost overrun.
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