Jakarta is laying the foundation for a new chapter in its economic transformation. With plans to shed its status as Indonesia’s capital city, the Jakarta Provincial Government is preparing to launch the Jakarta Collaborative Fund (JCF). This is an ambitious initiative designed to future-proof the city’s economy and solidify its position on the global stage.
Governor Pramono Anung revealed that the JCF is being developed to strengthen Jakarta’s financial independence. The fund is expected to reduce reliance on conventional revenue sources such as taxes, levies, and dividends. “[Jakarta Collaborative Fund] is one of my priorities so that Jakarta’s revenue will no longer rely solely on taxes, levies, or dividends,” Pramono stated during a visit to SMK Miftahul Falah in South Jakarta, Tuesday (3/6/2025).
The fund will focus on financing projects that generate high multiplier effects, aiming to boost the city’s global competitiveness. All projects will be curated under the principles of impact investing, while also considering Environmental, Social, and Governance (ESG) criteria.
Pramono stressed that this initiative is part of Jakarta’s long-term vision, especially as the capital’s relocation becomes imminent following the enforcement of Law No. 2/2004, which redefines Jakarta’s special regional status. “This program is being designed as a foundational step in preparing Jakarta as a global city,” he added.
Currently, Jakarta commands the largest Regional Revenue and Expenditure Budget (APBD) in Indonesia, amounting to Rp91.34 trillion. At the national level, only the Ministry of Defense and the National Police operate on a similar financial scale.
Yustinus Prastowo, Special Staff to the Governor, confirmed that the JCF remains in the early conceptualization phase, with the focus now on building a solid institutional framework. “Our teams are developing a robust legal and institutional setup,” he said on Monday (16/6/2025), as quoted by Bisnis. He added that this includes “exploring the establishment of a dedicated Regional Public Service Agency (BLUD).”
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Behind the scenes, Jakarta’s financial and development teams—specifically the Regional Financial Management Agency (BPKD) and the Regional Development Planning Agency (Bappeda)—are drafting the roadmap for the fund’s formation.
Preliminary discussions are also underway with both national and international stakeholders. At the national level, Jakarta has begun consultations with Bappenas and the Ministry of Finance. Globally, the city has initiated dialogue with institutions such as UNDP, U20, and the Asian Development Bank (ADB), as well as other international financial entities.
As Jakarta braces for its post-capital city era, the JCF could mark a pivotal moment in shaping a self-sufficient and globally competitive metropolis—one that thrives not just on government revenue, but on well-curated, high-impact investments.
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