Indonesia and China agree US$1.2bil cost overrun for high-speed train, says official

JAKARTA, Feb 13 (Reuters): Indonesia and China have agreed to a budget overrun to the tune of US$1.2 billion for the first high-speed railway project in the South-East Asian country, an Indonesian government official told parliament on Monday.

The project was previously estimated to be US$2 billion over budget, raising the total cost to 113 trillion rupiah ($7.36 billion), according to the consortium of Indonesian and Chinese state companies building the railway, known as PT KCIC.