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John Wang
in
Finance
January 21 14:30

SoftBank will fund Indonesia's new capital

Smart city on the island.
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SoftBank is ready to fund the development of Indonesia’s new capital. Japanese conglomerate is ready to commit up to US$40 billion.
The group’s chief executive officer Masayashi Son has declared SoftBank’s support for the project during his meeting with President Joko Widodo in Jakarta. Son and Britain’s ex-Prime Minister tony Blair were invited to the committee, which will control the construction of new large urban centre on Borneo. Crown Prince Sheikh Mohammed bin Zayed Al Nahyan took the role of the project’s leader. 
What exactly will SoftBank invest in remains to be seen. Son has stated, that he is planning to fund a “smart city”, which will extensively use AI and other modern technologies in its planning and city services. The Indonesian capital’s transfer is going to cost at leas US$34 billion.