Banking: Indonesia in the sweet spot

Indonesia is one of the world’s brighter prospects right now: growth, demographics, infrastructure momentum, inflation under control, more equity raised in the first quarter in Jakarta than New York. Banks are positioning to benefit – while keeping an eye on next year’s elections.

Euromoney is in Eastern Kalimantan, Indonesia, inland from the port of Balikpapan. Here, at a clearing they’re calling Ground Zero – they might need to work on that branding – we are looking at the place from which a new capital city will spring.

It doesn’t look much now: there is a little makeshift pavilion filled with canvases showing what a grand future parliament will look like, and explaining how sewage treatment and highways will appear, while some steps lead down to a bold white sign saying TITIK NOL NUSANTARA (Ground Zero of Nusantara, the name of the new capital, though it is more widely referred to now by the shorthand IKN).

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