JAKARTA, March 17: The Indonesian government has guaranteed a monorail project in the capital Jakarta, allowing plans to issue a $650 million Islamic bond in the Middle East to go ahead, reports said on Saturday.

“We finally receive news (from the ministry of finance) that a guarantee letter has been signed by the minister,” Jakarta governor Sutiyoso said, quoted by Media Indonesia daily.

Sutiyoso said he hoped PT Jakarta Monorail and the Dubai Islamic Bank could start funding continuing construction work this year.—AFP