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AKARTA: Japan’s Sumitomo Mitsui Banking Corporation (SMBC) has acquired a 14.9 percent stake in Indonesia Infrastructure Finance (IIF), boosting the local infrastructure financing agency’s capitalization to US$200 million.

“With strong support from SMBC’s financial capability and technical knowledge in project financing, I am sure that we can realize our mission to accelerate infrastructure development in Indonesia,” Kartiko Wirjoatmodjo, president director of IIF, said in a press statement released on Tuesday.

The company, owned by multilateral stakeholders including International Finance Corporation (IFC) and Asian Development Bank (ADB), aimed to finance projects worth $170 million this year in five priority sectors — power plants, toll roads, clean water procurement, ports and telecommunication infrastructure — according to the statement.