Jakarta, December 21, 2006 (ANTARA News/Asia Pulse) - Five state banks have promised to provide loans totaling Rp25.56 trillion (US$2.84 billion) to finance the development of bio energy and revitalize Indonesia's plantation sector.
The banks signed a memorandum of understanding on Wednesday for the loan scheme with Finance Minister Sri Mulyani Infrawati and the chief economics Minister Boediono.Bank Rakyat Indonesia (BRI) (JSX:BBRI) made a loan commitment of Rp12 trillion; Bank Mandiri (JSX:BMRI) pledged Rp11.08 trillion; Bank Bukopin, Rp1 trillion; while West Sumatra BPD and North Sumatra BPD both agreed to loan Rp500 billion.
The banks will provide loans carrying a 10 per cent fixed interest rate to small plantation owners growing oil palm, cocoa and rubber.
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