Kedutaan Besar Republik Indonesia
Embassy of the Republic of Indonesia
Ambassade de la RÉpublique d'Indonésie

Economy in brief: ADB to promote cooperation with RI

The Asian Development Bank (ADB) has promised to further promote cooperation with Indonesia specially in supporting the country’s economy.

Hans-Joachim Fuchtel, the chair of ADB’s board of governors, expressed his optimism that it could expand its current lending portfolio in Indonesia through many programs.

“The portfolio of ADB in Indonesia is currently US$1.6 billion and we express our firm belief that this can undoubtedly be further enhanced and expanded, especially in areas such as vocational education, energy, climate and supply chains,” he said on Tuesday.

Fuchtel met with Finance Minister Bambang Brodjonegoro during a short meeting at the Finance Ministry, during which he invited Indonesia to attend ADB’s 49th annual meeting in Frankfurt, Germany, in May.

In the energy sector, the ADB has recently approved assistance of $600 million for state electricity company PLN to carry out major power transmission and distribution system upgrades in Sumatra.

In a statement, the ADB said that the funding for the electricity-grid strengthening program in Sumatra included a $75 million loan from the ADB’s Ordinary Capital Resources and a subsequent $25 million loan from the ASEAN Infrastructure Fund, under which ADB acts as lender of record.

Source, Thursday 10 December 2015