Indonesia granted US$1 billion ADB loan

It is one of the largest single amounts the bank has ever provided to Southeast Asia's largest economy, the lender said in a statement Thursday.

Indonesia will now have a credit facility of $5.5 billion with the ADB to meet quarterly financing shortfalls through 2010, it said.

"The global financial crisis has made it expensive for Indonesia to access international debt markets," said Jasheem Ahmed, an ADB finance director. Repayment of the ADB loan will be cheaper than through commercial banks.

The loan will go toward upkeep of public spending on programs providing a safety net to the poor, build infrastructure and support the commercial and financial sectors, the ADB said.

Subscribe to The China Post and save 25%. Click here

SharePrintEmail

Write a Comment

Enter your comments - 3000 characters max

Type in image code

Submit

 Receive China Post promos Respond to this email