Indonesia Project Sukuk Plan Sees Fivefold Rise: Islamic Finance

Indonesia is ramping up financing for new President Joko Widodo’s $439 billion development program, planning an almost fivefold increase in sales of project sukuk.

The government is seeking to raise 7.14 trillion rupiah ($568 million) from notes that will fund particular construction ventures next year, compared with 1.5 trillion rupiah this year, Suminto, Islamic financing director at the debt management office, said in a Dec. 12 interview in Jakarta. That will help finance its estimated spending of about 5,519 trillion rupiah from 2015 to 2019 to build roads, railways and power plants.

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