Penajam Paser Utara, July 14 -- The Nusantara Capital Authority ( Otorita IKN ) has announced that a budget of around Rp48.8 trillion has been approved for the project to develop the nation's new capital Nusantara in Penajam Paser Utara and Kutai Kartanegara districts, East Kalimantan.

"The President has approved a development budget of around Rp48.8 trillion for IKN through 2028," Nusantara Capital Authority head Basuki Hadimuljono informed in Sepaku, East Kalimantan, on Monday when asked about the project's progress.

According to Hadimuljono, the funds will finance the construction of key infrastructure during the second phase of the project, and thereby lay the foundation for developing Nusantara as Indonesia's political capital by 2...