Indonesia secures $45m loan to expand trade to IDB countries

GMT 11:18 2014 Friday ,27 June

Arab Today, arab today Indonesia secures $45m loan to expand trade to IDB countries

Indonesian bank
Jakarta - XINHUA

 Indonesian export financier, Indonesia Eximbank, secured a three-year service tenure loan worth 45 million U.S. dollars from Islamic Development Bank (IDB), aimed at expanding the nation's trade to IDB member countries, a statement said here on Friday.
"The loan would be used to directly and indirectly support exports on goods and services in infrastructure, agriculture and manufacture sectors," the statement issued by the bank said, adding that it would also be used to finance imports on machinery, equipment and raw materials from countries joined the IDB.
The loan was obtained in the recent 39th Annual Meeting of the Islamic Development Bank held in Jeddah, Saudi Arabia, the statement said.
The loan showed confidence of IDB towards Indonesia's economy growth in future and performance of the bank, it said. Indonesia has the world's largest Muslim community that continues demonstrating high growth in the past years.
The largest economy in Southeast Asia region posted a 5.7 percent growth last year amid economy downturn in global market. It booked an average of 5.9 percent growth in the previous five years. Indonesia has set a target of 6 percent growth this year.
IDB is an international financial institution focusing on efforts to develop the economy and social advancement in its member countries and Muslim community in general based on Islamic sharia principles.

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