WORLD World Bank approves 800 mln USD loan for Indonesia's investment reforms

WORLD

World Bank approves 800 mln USD loan for Indonesia's investment reforms

Xinhua

18:53, June 16, 2021

JAKARTA, June 16 (Xinhua) -- The World Bank's Board of Executive Directors has approved funding of 800 million U.S. dollars to support Indonesia's reforms on investment and trade as well as efforts to help accelerate the country's economic recovery and transformation.

People visit a new China Town in Pantjoran PIK, Jakarta, Indonesia, Nov. 18, 2020. The new China Town in north Jakarta opened this month. (Xinhua/Du Yu)

The new funding focuses specifically on foreign direct investment, more highly skilled professionals in the manpower market, and private investment in the field of renewable energy.

The World Bank's Country Director for Indonesia and Timor-Leste Satu Kahkonen said on Wednesday that the funding would support the Indonesian government's plan to carry out reforms so as to attract investment and to sharpen the economic competitive edges.

The reforms intended to have the potential to boost the economic sectors with higher added value, and help with the economic recovery in the post-pandemic time, Kahkonen was quoted by Antara news agency as saying.

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