Indonesia, April 16 -- Head of the Indonesian Capital Authority (OIKN), Basuki Hadimuljono, announced that the Phase II construction of IKN for the 2025-2029 period has commenced to realize Nusantara City as a political capital.

"The Phase II construction process of the IKN has begun. The auction process, management handover, and subsequent work implementation will be carried out soon," he noted in a statement received on Wednesday.

Hadimuljono highlighted that the 2025-2029 development period will be funded with a state budget allocation of Rp48.8 trillion (US$2.8 billion) to complete the legislative and judicial complexes, establish supporting ecosystems, and open access to the IKN planning area (WP) 2.

He remarked that the budget wi...