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IDB to assist Indonesia in improving slum areas
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Columbia University economist Jeffrey Sachs gives a presentation on the Sustainable Development Goals (SDG) at the 41st Annual Meeting of the Islamic Development Bank (IDB) in Jakarta on Monday. (thejakartapost.com/Anton Hermansyah)
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ndonesia is to cooperate with the Islamic Development Bank (IDB) Group in financing several infrastructure programs, one of which concerns the improvement of slum areas.
Both parties will sign a member country partnership strategy (MCPS) 2016-2020, covering slum area improvement worth US$365 million, electricity transmission worth $350 million and the improvement of four universities and Islamic higher education facilities worth $176.5 million.
"The IDB Group will support Indonesian infrastructure development. The MCPS 2016-2020 will focus on social and physical infrastructure," Finance Minister Bambang Brodjonegoro said on the sidelines of an IDB Group annual meeting at the Jakarta Convention Center on Monday.
IDB Group president Ahmad Mohamed Ali stated that the bank was committed to supporting the government in dealing with challenges in infrastructure, poverty alleviation and capacity building.
"IDB and the Indonesian government have also cooperated to enhance Indonesia's financial system," Ali said, adding that Indonesia contributed to the IDB's technical cooperation mechanism through its Reverse Linkage Program.
He further said the IDB provided technical assistance to support Islamic finance, both in member and non-member countries.
"In 2015, IDB launched 36 technical assistance programs in seven member countries and 29 non-member countries. Ten of the programs aim to provide emergency assistance to seven member countries and three non-member countries worth US$6 million," he said.
IDB chief economist Savas Alpay added that the bank had been providing loans and grants to speed up socioeconomic development in member countries. According to its 2015 Annual Report, the IDB approved $12.1 billion net loans and grants, up by 13 percent year-on-year. (ags)
