Jakarta (ANTARA News) - The World Bank said its board has approved 600 mln usd in development program assistance to Indonesia.
It said the program assistance, also known as Development Policy Support, consists of a 20-year 530 mln usd loan and 35-year 70 mln in concessional credit, which carries significantly lower interest rates and longer maturity than private financial markets.
The program brings together the Asian Development Bank, the Government of Japan, and the World Bank on a common platform to support Indonesia's reform agenda.
"Indonesia has shown strong commitment to restoring sound economic fundamentals. The challenge now is to encourage investment that will spur growth and create jobs to ensure the needs of the most vulnerable are being adequately addressed," Andrew Steer, the World Banks country director for Indonesia, was quoted by XFN Asia as saying.
He added the governments decision last year to reallocate 1.5 bln usd in fuel subsidies to programs that benefit the poor was "an extremely positive step."
"This program of development assistance puts the government in the lead in deciding what works best for the country, said P.S. Srinivas, the manager of the four-year development assistance program.
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