INDONESIA Port Corporation (IPC), the largest port operator in Indonesia, is planning to invest US$2.47 billion in the development of Kalibaru Port, an extension to the existing Tanjung Priok Port in North Jakarta, Indonesia, according to UK's Port Technology International.

Upon completion in 2023, Kalibaru Port, or New Priok, will more than triple the annual capacity of Tanjung Priok from five million TEU to 18 million TEU.

IPC confirmed earlier this month that it had received approval from Indonesia's Presidential Regulation to begin works on the ambitious project, the port operator said in a statement.

The first phase of the project will include the installation of $1.38 billion worth of container terminal infrastructure and related equipment, while $730 million will be made available to construct the port's new petroleum product terminal. In addition, a further $305 million will be used to build toll roads, a power station and industrial area, with the remaining $50 million earmarked for other services.

IPC also said that further funding in the development of New Priok could come from outside investors and in the form of loans from national and international lenders.