ADB lends $292m to Indonesia<\/p>\n
Agence France-Presse, Manila<\/p>\n
The Asian Development Bank (ADB) has approved two loans
\ntotaling US$292.2 million to Indonesia, the bank announced
\nWednesday.<\/p>\n
The first loan, amounting to $250 million, will go to support
\na program of reforming financial governance and social security
\nin Indonesia, the ADB said in a statement from its headquarters
\nin the Philippine capital.<\/p>\n
In addition, the ADB will extend a $1 million technical
\nassistance grant for a feasibility study on the proposed reforms.<\/p>\n
The program will address weaknesses exposed by the 1997 Asian
\nfinancial crisis: excessive dependence on bank financing and
\nimprudent lending, a small and underdeveloped non-bank financial
\nsector, lack of accountability and independence, inadequate
\nregulation and supervision, and weak corporate governance.<\/p>\n
The second loan, amounting to $42.22 million, will go to help
\ndevelop regional governments in Indonesia in support of the
\ncountry's decentralization process, the ADB said.<\/p>\n
This will include helping regional governments deliver public
\nservices efficiently, maintain essential public facilities,
\npromote equitable economic development and carry out poverty
\nreduction programs.<\/p>\n
In support of this loan, the ADB will extend a $1.2-million
\ntechnical assistance grant to monitor the program.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/adb-lends-292m-to-indonesia-1447893297",
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"sponsor": "Okusi Associates",
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