IDB grants Indonesia loan of 824 million USD

IDB commits to loaning Indonesia 824 million USD to finance programmes for infrastructure development, education and power plants. (Source: www.english.kontan.co.id)

Hanoi (VNA) – The Islamic Development Bank (IDB) committed to loaning Indonesia 824 million USD to finance programmes for infrastructure development, education and power plants.

About 176 million USD will be allocated to education projects, including the Ageng Tirtayasa University in Serang, the Malang University, the Jember University and the Mulawarman University in Samarinda.

The loan will also be used to finance social infrastructure projects, including nearly 330 million USD to clear slums in 180 areas and building an electric transmission system.

Indonesian Minister of Finance Bambang Brodjonegoro said the commitment is part of the agreement with the Member Country Partnership Strategy for 2016-2020 under which the IDB and Indonesia signed an agreement worth 5.2 billion USD

Of 5.2 billion USD, nearly 3.2 billion USD is committed from the IDB, 1.8 billion USD from the Islamic International Trade and Finance Joint Stock Company and 200 million USD from the the Islamic Corporation for the Development of the Private Sector.-VNA