an initial grace period of 10 years—with fixed loan rate. CRCC will hold majority shares in the planned JV company, while WIKA holds 30 percent and small portions for local toll operator PT Jasa Marga Tbk (IDX: JSMR), train operator PT Kereta Api Indonesia and plantation company PT Perkebunan Nusantara VIII. In late August 2016, it was reported that the China Development Bank had not yet disbursed funds for the loan and that PT Kereta Cepat Indonesia-China, the consortium executing the project, was not sure when funds would become available. Progress 2016 January Indonesian president Joko Widodo attended a ground breaking ceremony near Jakarta and announced that the project had commenced. May Continual delays in acquiring land were being reported. The president of the Indonesian joint venture firm managing the project, PT KCIC (Kereta Cepat Indonesia China), Hanggoro Budi Wiryawan, expressed frustration at the Dept of Transport requirement that all of the land needed for the project (estimated to be 600 ha) be acquired before final construction permits could be issued. Hanggoro argued that it was more usual for construction permits to be issued when just 10% of the required land for a project had been acquired. He said that the delays in the Dept of Transport were unreasonable. Issues surrounding acquisition of land were complicated by the fact that the main station at the Jakarta end was planned to be on land occupied by the Indonesian Air Force at Halim Perdanakusuma International Airport. It was not clear whether the Air Force was prepared to release the land. August The Minister for State-Owned Enterprises, Rini Soemarno, said that the process of issuing permits for the project was running smoothly after earlier delays. She said that she believed that construction on the railway could start within a week. November 82 percent of land needed has been acquired, but bank funding will only be attainable after 100 percent land is acquired. 2017 March The project is stalled due to land, finance and security issues. Among others is the Indonesian Air Force reluctance to release 49 hectares of the lands surrounding Halim Perdanakusuma Airbase on the southeastern outskirts of Jakarta for the construction of the station. April PT Kereta Cepat Indonesia-China (KCIC) and High-Speed Railway Contractor Consortium (KSRCC) signed an engineering, procurement, and construction (EPC) contract on the Jakarta – Bandung bullet train on April 4, 2017. Contractors will proceed with construction following