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Indonesia Eximbank secure loans from JBIC
Aditya Suharmoko , The Jakarta Post , Jakarta | Fri, 10/23/2009 4:32 PM | Business
Exports financing agency Indonesia Eximbank secured US$100 million in loans on Friday from the Japan Bank for International Cooperation (JBIC), to boost Indonesia's trade.
The loans have an interest rate of LIBOR plus 230 basis points, maturing in five years with a grace period of two years, Indonesia Eximbank CEO Mahendra Siregar said.
"With that interest rate level, it will reduce borrowing costs," he said, adding that exporters would be able to get cheaper funds here than borrowing from other institutions.
JBIC has agreed to lend $500 million to Indonesia Eximbank, with another $400 million to be disbursed later, Mahendra said.
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