Kedutaan Besar Republik Indonesia
Ottawa
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 countrya��s economy.

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

a�?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,a�? 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 ADBa��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 ADBa��s Ordinary Capital Resources and a subsequent $25 million loan from the ASEAN Infrastructure Fund, under which ADB acts as lender of record.

Source :www.thejakartapost.com, Thursday 10 December 2015