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Abstract

Purpose— This study examines how foreign-debt financing of the Jakarta–Bandung High-Speed Rail (KCJB/Whoosh) project is associated with financing risk, potential fiscal exposure, and the financial resilience of participating state-owned enterprises (SOEs).


Research Methodology— The study uses a qualitative descriptive case-study design and thematic comparison of publicly available secondary financial, regulatory, institutional, and scholarly materials concerning developments during 2020–2026.


Results— The reviewed evidence indicates project-cost escalation from an initial USD 6.07 billion to approximately USD 7.27 billion, substantial reliance on external financing, and potential risk transmission through debt-servicing requirements, currency mismatch, corporate balance sheets, and public-support mechanisms. The legal authorization of fiscal support is distinguished from its actual use.


Research limitations/Implications— The documentary approach cannot independently establish current contractual repayment schedules, quantify contingent liabilities, or substitute for financial stress testing. The findings support transparent disclosure, careful allocation of financing responsibilities, and periodic evaluation of restructuring and foreign-exchange exposure.


Originality— The study offers an integrated interpretive account of how project-level financing pressures may develop into SOE and public-sector fiscal-risk exposure.

Keywords

Jakarta-Bandung High-Speed Rail Foreign Debt Fiscal Risk Debt Sustainability State-Owned Enterprises

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How to Cite
Adim, R. F., Yulianah, Y., Putra, F. A., Chairunnisa, G., & Abadi, Q. S. (2026). Analysis of Foreign Debt Financing for the Jakarta-Bandung High-Speed Rail Project. Advances: Jurnal Ekonomi & Bisnis, 4(5), 1673–1684. https://doi.org/10.60079/ajeb.v4i5.837
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