Mandiri to allocate Rp 12t in credit for Papua

The Jakarta Post ,  Jakarta   |  Thu, 10/08/2009 6:04 PM  |  Business

State owned bank PT Bank Mandiri said it was ready to disburse a whopping Rp 12 trillion (US$12.9 billion) in credit for investment in Papua and West Papua provinces.

The bank had so far only disbursed Rp 800 billion in loans for the country’s easternmost provinces.

“We are committed to increasing the credit by over tenfold to Rp 12 trillion for Papua and West Papua,” Mandiri President Director Agus Martowardojo told journalists during the Papua Investment Day in Jakarta on Thursday.

Mandiri has provided funding for several development projects in Papua like hotels and a fish processing plant in Biak. However, according Agus, the bank’s support to Papua was not sustainable because the lack of investors who wished to do business in Papua.

Agus said several key infrastructure projects like a cement factory in West Papua and power plants needed to be built soon in order to attract more investors to come to the provinces. (naf)

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