Indonesia is set to co-found a new cross-border Islamic infrastructure bank together with Turkey and Saudi-based Islamic Development Bank (IDB), aiming to promote infrastructure development in many countries.

According to Indonesian Finance Minister Bambang Brodjonegoro, his country is prepared to contribute at least 300 million USD to the project.

The minister also revealed that the Indonesian Government plans to the country’s first infrastructure bank, which is scheduled to start its operation on August this year.

As part of efforts to promote economic growth, Indonesian President Joko Widodo pledged to increase investment in national infrastructure development.

Indonesia prepared a budget worth 195,000 billion rupiah (14.76 billion USD) for infrastructure projects this year. It also called on domestic and international investors to participate in those projects.

On a recent visit to Jakarta, World Bank President Jim Yong Kim promised to offer financial assistance worth up to 12 billion USD to Indonesia in the next 3-4 years.

The WB is now Indonesia’s largest development partner.-VNA