JAKARTA, Jan. 30 (Xinhua) — The investment realization in Indonesia’s new capital, Nusantara, on Kalimantan Island has reached 47.5 trillion rupiah (around 3 billion U.S. dollars).

“Investment realization has reached 41.4 trillion rupiah (around 2.6 billion dollars) in 2023 and added by 6.1 trillion (around 0.4 billion dollars) to date,” said head of the Nusantara Capital City Authority (OIKN) Bambang Susantono on Tuesday.

As much as 39.5 trillion rupiah (around 2.5 billion dollars) of the total investment comes from the private sector, while state-owned businesses account for the remaining 8 trillion rupiah (around 0.5 billion dollars).

Additionally, the authority has received 350 letters of intent from other countries.

With the institution aiming to realize over 100 trillion rupiah (around 6.3 billion dollars) in investments by the end of this year, Susantono is optimistic that more funding will be forthcoming.

The capital city is still under development, with completion scheduled for 2045, and aims to build a smart, sustainable metropolis.

The first Independence Day celebrations will take place there in August.