IDB grants Indonesia loan of US$824 million
The Islamic Development Bank (IDB) committed to loaning Indonesia US$824 million to finance programmes for infrastructure development, education and power plants.
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About US$176 million will be allocated to education projects, including the Ageng Tirtayasa University in Serang, the Malang University, the Jember University and the Mulawarman University in Samarinda.
The loan will also be used to finance social infrastructure projects, including nearly US$330 million to clear slums in 180 areas and building an electric transmission system.
Indonesian Minister of Finance Bambang Brodjonegoro said the commitment is part of the agreement with the Member Country Partnership Strategy for 2016-2020 under which the IDB and Indonesia signed an agreement worth US$5.2 billion.
Of US$5.2 billion, nearly US$3.2 billion is committed from the IDB, US$1.8 billion from the Islamic International Trade and Finance Joint Stock Company and US$200 million from the the Islamic Corporation for the Development of the Private Sector.
