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IDB approves $488 million in financing for Indonesia
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An annual Islamic Development Bank (IDB) meeting taking place in Jakarta on May 15, 2016. (JP/Anton Hermansyah)
T
he Jeddah-based Islamic Development Bank (IDB) last weekend approved a financing deal worth US$488 million to support infrastructure development and education in Indonesia.
Of the total, $250 million will be used to develop Java’s southern coastal road (Pansela) to increase its capacity and thereby alleviate congestion on the northern coastal road (Pantura), which is known for often being overcrowded. The project will include the construction of a 158-kilometer new road as well as bridges in Yogyakarta, Central Java and East Java.
“The traffic is expected to grow from 50 to 1,000 vehicles per day within five years of the project’s completion. This project will promote progress in southern Java and increase the region’s prosperity through improved market access and investment competitiveness,” Ibrahim Shoukry, the IDB’s resident representative in Indonesia, said in a statement.
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Meanwhile, the other $238 million will be aimed at the development of six Islamic higher education institutions, namely the State Islamic University (UIN) of Sunan Ampel Surabaya, the State Islamic Institute (IAIN) of Raden Intan Lampung, IAIN of Sultan Thaha Saifuddin Jambi, IAIN of Antasari Banjarmasin, IAIN of Imam Bonjol Padang and IAIN of Sultan Maulana Hasanuddin Banten.
The development of those educational institutions includes the construction of new facilities, the renovation and procurement of new equipment and various training courses, research grants and scholarships, in line with the government’s goal to boost the quality of the country’s workforce. (bbn)
