JAKARTA, Oct. 16 (Xinhua) -- Senior officials of Chinese and Indonesian consortiums signed an agreement here on Friday to launch a joint venture for a railway linking Jakarta with West Java provincial capital of Bandung.
The deal was signed by Chairman of PT Pillar Sinergi BUMN Indonesia Sahala Lumban Gaol and Yang Zhongmin, chairman of China Railway Co. Ltd. at a ceremony attended by Chinese Ambassador Xie Feng.
The 5.5-billion-U.S. dollar project will be conducted on business to business basis in which the Indonesian side controls 60 percent of the joint venture's stake, while the Chinese partner controls the remaining 40 percent share.
The 150-km medium-speed railway is expected to have a speed of between 200 to 250 km per hour.
