JAKARTA: The government gave financial support for the construction of Manado-Bitung toll road with a total fund of IDR963 billion to increase the properness of a 46 km toll road.Head of Toll Road Regulatory Body Ahmad Ghazali said the fund allocation to acquire the land and to support the construction will be gradually given.According to him, the supporting fund is part of requirements on the investment project worth IDR3.18 trillion. Meanwhile, IDR2.21 trillion will be offered to private sector through out open bidding.From the evaluation result, the project is still needed the government support in order to continue the project. Therefore, we will give financial support for land acquisition and part of the construction, said Ghani to Bisnis, yesterday.He said the progress of land acquisition is now conducted by Provincial Government of North Sulawesi, after that the bidding will be held in central government. The evaluation of this project has been completed since last April showed a urgent issue related on the financial problem such as the need of investment, land acquistion and imposed tariff value.The evaluation was done due to the investment and financial constraints which have not met the minimum requirement, since the value of financial internal rate of return was only 7%.Lower returnIt means, return to be potentially achieved by the investors from the construction of the toll road is lower than that of the bank deposits.To be appropriate, the investment return from toll road shall be 16% at minimum.Previously, Minsitry of Public Work planned to construct the 46 km Manado-Bitung toll road with a total investment of IDR5.6 trillion and land acquisition cost of IDR765 billion.Formerly, the project was scheduled to begin in 2011.The need of toll road is considered urgent since Manado and Bitung have been determined as special economic area by the central government.Minister of Public Work Djoko Kirmato said the development of Manado-Bitung toll road has became a national program which specially put into the infrastructure development agenda along with other toll road constrictions all over the country.The toll road is part of the five toll road projects which will be offered to the investors with a partnership scheme between the government and private sector.The five toll roads include Medan-Kuala and Nemu-Tebing Tinggi toll road with total length of 60 km and investment value of IDR4.3 trillion, Pandaan-Malang toll road with total length of 37.2 km worth IDR2.5 trillion.Besides, there are also a 58.5 km Ciluenyi-Sumedang-Dawuan toll road worth IDR4.3 trillion, a 15 km Pasir Koja-Soreang toll road worth IDR1.02 trillion and a 46 km Manado-Bitung toll road valuing IDR3.18 trillion. (T03/NOM)
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