The Jakarta Post
The Jeddah-based Islamic Development Bank (IDB) disbursed more than US$1 billion in loans in 2016 for various government and private sector projects in Indonesia, which has the largest Muslim population in the world, as part of its five-year partnership with the country.
“In this regard, I am happy to announce that IDB Group has approved $ 1.045 billion in 2016 for the public and private sectors, making it the highest annual pledge for Indonesia since IDB inception and representing 20 percent of the targeted envelope for Indonesia for the period 2016-2020,” IDB president Bandar Al Hajjar said in a statement on Thursday.
Of the total financing, the IDB granted $330 million for Indonesia’s National Slum Upgrading Project in over 116 cities and another $330 million for power grid enhancement project to provide 10,000 megawatt (MW) electricity in various areas across the country.
Moreover, the IDB also disbursed $177 million to support education developments at four national universities, $100 million for the government’s sukuk (Islamic bond) program and $100 million to develop the country’s coffee supply chain for small and medium-sized coffee exporters affiliated with the Association of Indonesian Coffee Exporters and Industries (AEKI).
The IDB Group’s activity in Indonesia are aligned under the Member Country Partnership Strategy (MCPS) 2016-2020. The MCPS is a strategy document that guides the operation of the IDB Group in its member countries over the medium term of three to five years. (bbn)
The third paragraph of this article has been revised to maintain accuracy. - Editor
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