| Embassy of Indonesia - Ottawa Canada | September 23 , 2002 |
Indonesia gets a US$100 million loan from the World Bank
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The Government of Indonesia and The World Bank last week signed a loan and credit agreement worth US$ 100 million to finance an urban poverty project. About 70% of the funds will come from the highy concessional International Development Association (IDA) credit with zero interest and payable within the span of 35 years. The remaining is financed by the concessional International Bank for reconstruction and Development (IBRD) loan, with a variable interest rate and payable in 20 years. These resources would be used to provide social, financial and physical services at the community level. The project will cover more than 2230 wards in 13 provinces across Indonesia, which covering the main islands of Kalimantan,Sulawesi, Nusa Tenggara Barat and souther parts of provinces of Java. As part of the community empowerment strategy, the project will provide an open menu of activities that communities could undertake based upon consensus, including revolving funds scheme for micro credit, community priority investments, grant assistance to the poorest and to improve community groups competitiveness. |
Source : Central Bank of the Republic of Indonesia |