BALI - Britain and South Korea have expressed interest in cooperating with Indonesia in railway development in the South-east Asian country’s capital Jakarta, according to the British and Indonesian governments.

A letter of intent was signed by British and Indonesian officials on Monday, with the United Kingdom Export Finance (UKEF), Britain’s export credit agency, expressing interest in providing up to US$1.25 billion (S$1.71 billion) for Jakarta’s mass rapid transport (MRT) project, the British Embassy said.

Indonesia’s Transportation Ministry in a separate statement said an agreement had been signed with South Korea on Monday outlining its interest in developing the next phase of the Jakarta MRT.

The UKEF has up to £4 billion (S$6.5 billion) of financing available for Indonesia, and it is actively looking to participate in similar projects elsewhere in the country, the statement added.

Indonesia’s first US$3 billion MRT line – a 16km stretch from southern Jakarta to its downtown area – started operating in 2019. It was built with Japanese expertise and funding.

The second phase linking that to the north is underway, while works on an east-to-west line are expected to begin in 2024, according to media reports.

The agreements were signed on the sidelines of the Group of 20 (G-20) leaders meeting this week in the Indonesian resort island of Bali.

Separately, the United States Trade and Development Agency has said it would partner with MRT Jakarta, which manages the capital’s public rail system, to support its transition to renewable energy sources. REUTERS