National Blueprint · One of 195
A nation of 285.7 million across seventeen thousand islands, where nine in ten cook with clean fuel and the World Bank has committed more than $4.4 billion since 2025.
Perfect Nations values what Indonesia owns and raises capital against it, through innovative financing for development (FfD) and super intelligence (SI).
Indonesia at a glance
What we do for Indonesia
Perfect Nations is a new-age sovereign advisory firm, and its clients are nations.
The whole logo: a Perfect Nation, where every citizen has all seven basic standards of living, led by good governance.
01Assets · The cup · Sovereign Assets
Each is owned today, earns today, and can carry Indonesia toward seven basic standards of living for every citizen.
285.7mCitizens, 2025
59 in every hundred live in towns and cities; the rest live on the land they farm and fish.
28.9%Of land in farms and pasture
The land that feeds the nation, and the first place a citizen dividend can be earned.
50.7%Of land under forest
Standing forest holds the water, soil and carbon that the world will pay to keep.
7,240 m³Renewable fresh water per person
Enough to supply every home, once it is stored, treated and piped.
19%Of electricity from renewables, 2023
Water, biomass and the heat of the earth already carry part of the load; sun and wind are the opportunity.
02Capital · The laurels · Capital Architecture
Bonds, guarantees, swaps and loans that raise capital against what Indonesia owns, every line sourced.
Capital ArchitectureThe record in figures
Capital already committed
Priced 23 July 2026 · Settled 30 July 2026 · 3-year CNY 5.6B at 1.90%, 5-year CNY 1.4B at 2.19%
About $1.03 billion; orders of CNY 17 billion, 2.4 times the issue
The Republic’s first panda bonds, sold in China’s onshore market with an onshore AAA rating. They widen the investor base that finances the state budget.
Government of Indonesia
SourceSettled 29 May 2026 · 5-year $750M at 5.030%, 10-year $1.25B at 5.690% · 7-year SDG €600M at 4.500%, 12-year €650M at 5.125%
Equivalent in all; the SDG tranche is €600M
Notes in dollars and euros for the state budget. The Republic intends to invest an amount equal to the net proceeds of the 7-year SDG tranche in projects that may qualify as eligible expenditures under its Sustainable Government Securities Framework.
Government of Indonesia
Source2026 · 7-year and 10-year yields set at the lowest end of guidance · The Republic’s fourth blue bond issue since 2023
About $1.08 billion
Yen bonds sold in Japan, among them blue bonds, the Republic’s fourth issue of blue bonds since 2023. They widen the investor base that finances the state budget.
Government of Indonesia
SourcePriced 25 February 2026 · Settled 4 March 2026 · CNH 4.5B, 3.5B and 1.25B at 2.450%, 2.650% and 3.050% for 3, 5 and 10 years · €1.2B, €800M and €700M at 4.100%, 4.460% and 4.970% for 8, 12 and 20 years
Offshore renminbi and euro in one offering
A dual-currency offering for the state budget: offshore renminbi bonds in three tenors and euro bonds out to 20 years.
Government of Indonesia
Source2026 · 5-year, 10-year and 30-year tranches
SEC-registered senior notes
International bonds sold to global investors for the 2026 state budget, in three tranches out to 30 years.
Government of Indonesia
SourcePriced 19 November 2025 · Issued 1 December 2025 · 5-year at 4.50%, 10-year at 5.00%
Raised in 2025 for the 2026 budget
Sharia-compliant certificates sold to global investors in advance of the 2026 budget year, in 5-year and 10-year tranches.
Government of Indonesia
SourcePriced 25 June 2024 · Settled 2 July 2024 · 5-year $750M at 5.10%, 10-year $1B at 5.20%, 30-year green $600M at 5.50%
Green tranche $600M; orders of $4.5 billion
Sharia-compliant bonds sold to global investors, with a 30-year green tranche for climate and environmental projects under the Republic’s green framework. Orders reached $4.5 billion, more than 1.9 times the issue.
Government of Indonesia
SourcePriced 3 June 2021 · Settled 9 June 2021 · 5-year $1.25B at 1.50%, 10-year $1B at 2.55%, 30-year green $750M at 3.55%
Green tranche $750M; orders of $10.3 billion
Sharia-compliant bonds for the state budget, with a 30-year green tranche, the Republic’s fourth global green sukuk. Orders reached $10.3 billion, more than 3.4 times the issue.
Government of Indonesia
SourceIssued February 2018
The world’s first sovereign green sukuk
The world’s first sovereign green sukuk, for projects that mitigate or adapt to climate change and preserve biodiversity. Indonesia has since added green tranches to its global sukuk, among them in 2021 and 2024.
Government of Indonesia
SourceApproved 6 August 2026 · IBRD · First of two operations
Expected to add about 1% to GDP by 2030, equal to around 2.4 million more and better-paid jobs
Budget support for reforms that ease business licensing, deepen the financial sector, including housing finance for small businesses, and lay foundations for resilient jobs, for the livelihood standard.
World Bank
SourceApproved 18 December 2025 · Starts with 30 local governments
Solid waste services for more than 15 million people
Strengthens solid waste services and infrastructure, starting with 30 local governments. It aims to give more than 15 million Indonesians cleaner surroundings and better protect 10 million from climate risks, for the shelter and health standards.
World Bank
SourceApproved September 2025 · Step-up loan
With $491M from PLN and $342M of private capital expected
Modernises the distribution grid of Java, Madura and Bali for about 20 million people, with 300 MW of rooftop solar to be integrated, for the energy standard.
World Bank
SourceApproved June 2025 · Development policy loan
Financial sector and renewable procurement
Helps remove obstacles to procuring renewable energy technology, by reducing local content requirements, and introduces land value capture to draw private capital into infrastructure.
World Bank
SourceApproved June 2025 · $600M IBRD loan with $28M of grants · Step-up loan
Power for 3.5 million people; 540 MW of solar and wind
Brings electricity to 3.5 million people in Kalimantan and Sumatra, with 540 MW of solar and wind, for the energy standard.
World Bank
SourceApproved 1 October 2026
Capital markets, digital finance and transition finance
Supports deeper capital markets, safer digital financial services with stronger rules for digital assets and cybersecurity, and sustainable and transition finance. The first subprogram is backed by $650 million of ADB financing.
Asian Development Bank
SourceApproved 26 September 2026 · Sovereign · Policy-based · First of two sub-programmes of $500M
Reforms for a climate-adaptive rural economy and resilient local services
Supports policy and institutional reforms that strengthen climate resilience in rural areas, ecosystems and local service delivery, in agriculture, water, forests and mangroves, for the food and water standards.
AIIB
SourceAnnounced 16 September 2026 · Program of $650 million equivalent
Equivalent; local budgets, fiscal data and fairer property tax
Supports coordination of public funds between central and local governments, a national digital platform for fiscal data, fairer property tax valuation and budgeting that protects women and girls. Local governments manage 35% to 40% of public spending, including on education, health care and local infrastructure.
Asian Development Bank
SourceAnnounced 10 December 2025 · Policy-based · Third subprogram
Preventive care, skills training and better-targeted social assistance
Supports wider preventive care in health insurance, skills training through the Prakerja programme, which has trained more than 18 million people, and social assistance targeted through a single national socio-economic database, for the health, education and livelihood standards.
Asian Development Bank
SourceAnnounced 19 November 2025 · Results-based loan to PLN · 2026 to 2031
Expected to draw over $1 billion of private investment
A results-based loan to the state power company PLN for grid strengthening in Java-Madura-Bali, Sumatra and Sulawesi, expected to mobilise over $1 billion of private investment in 1,800 MW of utility-scale solar and wind. It comes with $30 million of ADB-managed cofinancing and a $3 million grant, for the energy standard.
Asian Development BankPLN
SourceAnnounced 31 October 2025 · Loan to Geo Dipa Energy
Two geothermal plants in Java, 55 MW each
A loan to the state-owned Geo Dipa Energy for two geothermal power plants in Java of 55 MW each, for the energy standard.
Asian Development BankGeo Dipa Energy
SourceApproved 30 October 2025 · Sovereign
Mother and child hospital beds from 271 to 550
Builds the new RSAB Harapan Kita mother and child hospital, raising its beds from 271 to 550, and links it with the Harapan Kita cardiovascular hospital and the Dharmais cancer hospital as one integrated complex, for the health standard.
AIIB
SourceApproved 30 October 2025 · Sovereign
Waste treatment, landfill upgrades and circular-economy grants
AIIB financing for waste treatment facilities, landfill upgrades, institutional strengthening, community programmes and circular-economy grants.
AIIB
SourceAnnounced 15 October 2025 · Policy-based · Third subprogram
Investment climate, trade and small businesses
Supports reforms that make Indonesia more attractive for investment, cut trade barriers through automatic licensing and support small businesses, including those owned by women, for the livelihood standard.
Asian Development Bank
SourceApproved 20 September 2024 · Policy-based loan · First of two subprograms
Reforms for the shift to clean power
Supports renewable energy regulation, stronger governance and finances in the energy sector, and a fair and inclusive transition toward Indonesia’s 2050 net-zero goal for power, for the energy standard.
Asian Development Bank
SourceApproved September 2023
Investment climate, trade logistics and local businesses
Supports investment-climate reforms, digital trade logistics and stronger local businesses, including women-owned enterprises, for livelihood.
Asian Development Bank
SourceSigned 15 July 2026 · Loan to PLN · 2026 to 2031
Part of $1,509 million of cofinancing for the programme
An AFD loan to the state power company PLN for clean electricity supply, grid upgrades that integrate renewable power and stronger institutions, for the energy standard.
AFDPLN
SourceSigned 30 March 2026 · Japanese ODA loan · Bengkulu Province
Two geothermal plants for the Sumatra grid
Finances two geothermal power plants, transmission, substation and distribution facilities in Bengkulu, to improve power supply in the Sumatra system, for the energy standard.
JICA
SourceSigned 30 March 2026 · Japanese ODA loan
Business environment, trade and company growth
Japanese financing for the same reform programme as the ADB loan: a better business and investment environment, fewer trade barriers and support for business expansion, for the livelihood standard.
JICA
SourceSigned 30 June 2025 · Loan to the Government of Indonesia · Co-financed with ADB and AFD
Germany’s support under the energy transition partnership
A KfW loan that supports the clean energy policy framework and the governance and finances of the energy sector, under the Just Energy Transition Partnership, for the energy standard.
KfW
SourceAnnounced 6 August 2026 · HSBC loan in two tranches · Three years
Could benefit more than 190,000 small businesses
An HSBC loan to Bank Mandiri, covered by two MIGA guarantees, for loans to small businesses under the KUR programme: retail trade and service businesses, street vendors, and food crop and aquaculture enterprises, with a focus on women-led microenterprises. It is MIGA’s first financial sector guarantee in Indonesia. It serves livelihood.
MIGAHSBCBank Mandiri
SourceSigned 27 February 2026 · Up to Rp415 billion
About $25 million; 350 new hospital beds
An ADB loan to a private hospital group that runs seven hospitals in West Java, where more than 80% of patients are covered by national health insurance (JKN). It finances a new hospital in Batang, Central Java, and a new outpatient building in Cirebon, adding 350 beds, for the health standard.
Asian Development BankMitra Plumbon Healthcare
SourceApproved 19 December 2025 · Non-sovereign · Sponsors PLN Indonesia Power Renewables and Vena Energy Indonesia
100 MW ground-mounted solar plant, East Java
AIIB financing for a 100 MW greenfield solar plant in Pasuruan, East Java, for the energy standard.
AIIBPLN Indonesia Power RenewablesVena Energy
SourceAnnounced 21 April 2025 · IDR 197 billion
Equity in a pharmaceutical distributor
IFC equity in an integrated pharmaceutical distributor that serves more than 3,000 hospitals, 23,000 pharmacies and 3,500 clinics in Indonesia and Cambodia, for the health standard.
IFC
SourceSigned 14 January 2025 · $38.8M ADB, $38.8M B loan, $15M concessional
83 MW of new geothermal power in West Sumatra
ADB financing for 83 MW of new geothermal capacity at Muara Laboh in West Sumatra, run by PT Supreme Energy Muara Laboh, with a B loan from Sumitomo Mitsui Banking Corporation and a concessional loan from the Australian Climate Finance Partnership, for the energy standard.
Asian Development BankSupreme Energy
SourceApproved 11 May 2023 · Invested 4 December 2023 · Up to $150M more sought from other investors
Micro-loans for women entrepreneurs
IFC investment in Amartha, one of Indonesia’s largest microfinance lenders, which lends through a peer-to-peer platform to women entrepreneurs; about 1.2 million borrowers in September 2022. It serves livelihood.
IFC
Source
Ayu PratiwiNation Steward of Indonesia · SI Researcher
Independent firms and social enterprises already at work in Indonesia, highlighted by Perfect Nations. None is a partner of Perfect Nations.
Makes yogurts, flavoured milk and other foods under Indonesian brands. It sourced milk from over 9,800 dairy farmers in 2020, and ADB invested at its listing in 2021.
ADB, 2021Runs the Muara Laboh geothermal power plant in West Sumatra, financed by ADB in its first stage, and is adding 83 MW of new capacity with $92.6 million of financing signed with ADB in January 2025.
ADB, 2025Runs seven hospitals in West Java with more than 2,700 beds; more than 80% of its patients are covered by national health insurance. It is adding 350 beds with an ADB loan.
ADB, 2026One of Indonesia’s largest microfinance lenders, lending through a peer-to-peer platform to women entrepreneurs: about 1.2 million borrowers in 2022.
IFC, 202303Solutions · The seven stars · Perfect Capita
Perfect Capita is the yearly cost, per person, of lifting everyone above the Living Line in all seven basic living standards, set with Indonesia in its own prices.
How Perfect Capita worksTap a star for its figure and source.
The price of Perfect Indonesia
To be set with Indonesia, from its own figures and in its own prices: Perfect Capita times the people of Indonesia, each year.
Perfect Nations estimate, to be confirmed with Indonesia. Figures marked dated rest on surveys more than five years old; lenient measures are marked as such. The strict measures
Strict measures. Food: share not moderately or severely food insecure (FAO). Water: safely managed drinking water where measured; where it is not, basic water, marked as such. Shelter: the lower of safely managed sanitation and the share outside urban slums. Energy: the lower of electricity per person against 1,000 kWh and clean cooking. Education: the lower of children reading by the end of primary school and lower-secondary completion. Health: WHO service coverage index. Livelihood: share above the stricter of the national poverty line and the World Bank line for the nation’s income group. Each figure links to its source.
Solution No. 14
The nation that issued the world’s first green sukuk issues one for safe water on every island.
~199mIndonesians without safely managed drinking water at home
Red over white, the Sang Saka Merah-Putih, under the motto Bhinneka Tunggal Ika: Unity in Diversity. You hold half your land in forest, and you were among the first nations to sell a green sukuk to the world.
“Unity in diversity built a nation of seventeen thousand islands. Now let it bring safe water to every one of them.”
Work with us · The ReDesign Studio
One mission, three depths: the same four moves for Indonesia, taken as far toward market as you choose.
For the Government of Indonesia, its development partners and investors. Scope and fees are agreed in writing before any work begins.
Mandate 013 hours
A private session for the people who decide.
You leave withThe gap, named and sized
Mandate 023 days
Your team and ours, working the blueprint together.
You leave withThe structure, drawn
Mandate 03End to end
Led personally by the President and CEO.
You leave withA structure ready for market
Where Indonesians and Co-designers design the nation they want to live in.
Writings
Up to 1,500 words on your vision of Perfect Indonesia, published with your name.
Submit your writingVoices of Perfect Nations Launching soon
Great local leaders: honest, dedicated and committed to basic standards of living for all. Every guest answers one question: “What does Indonesia already own, and how could it pay for a decent life for every citizen?”
Co-designers
Everyone who shares a vision, a voice or an enterprise here becomes a Co-designer of Perfect Indonesia.
Become a Co-designerThe Indonesia ReDesign Studio is open
Share your vision, suggest a guest, or write to us: every message receives a personal reply.
