Asian Development Bank to help Bali recover<\/p>\n
William J. Willitts, Reuters, Sydney<\/p>\n
The Asian Development Bank (ADB) will restructure part of its
\nIndonesian lending to help the tourist island of Bali recover
\nfrom the devastating effects of the October 12 bombings,
\npresident Tadao Chino said on Wednesday.<\/p>\n
The ADB chief said the nightclub bombings, which killed over
\n180 people, including about 90 Australians, was a horrific
\ntragedy that threatened the wider Indonesian economy, adding that
\nhe was concerned about its impact on Asia as a whole.<\/p>\n
\"Incidents like the Bali bombing can have a damping effect on
\ntourism and also on investor confidence, this is very serious,\"
\nChino said at a news conference in Sydney before giving a speech
\non reducing poverty in Asia.<\/p>\n
In the past month, hotel vacancy rates in Bali have plummeted
\nas Australia and other governments warn against travel to the
\nresort island.<\/p>\n
Chino said that in addition to steps taken by Indonesia \"to
\nimprove and restore confidence\", the ADB wants to redirect some
\nof its lending to help Bali.<\/p>\n
An Australian parliamentary study says Bali accounts for 40
\npercent of Indonesia's US$5.4 billion in tourism revenue.<\/p>\n
\"There are so many projects which are ongoing, which are still
\nin the process of formulation. These will be reviewed and
\nrefocused to give emphasis, focus on Bali island,\" Chino said.<\/p>\n
Last year, the Manila-based multilateral lending organization
\napproved public and private loans worth $500 million for
\nIndonesia, making it the fourth-largest recipient of the $5.4
\nbillion in loans it approved for the region.<\/p>\n
Chino said the Bali bombings fueled a concern held by foreign
\ninvestors about the level of risk in Asia.<\/p>\n
\"These incidents are taken as symbolic of the risks and unrest
\nof the region,\" Chino said.<\/p>\n
\"External investors will have concerns that Asia is a place
\nwhere this kind of thing happens because there are several
\nincidents, not only the Bali bombing, but many examples of
\nsecurity concerns in many parts of Asia,\" he said.<\/p>\n
\"I am very concerned about the perception of Asia as a whole.\"<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/asian-development-bank-to-help-bali-recover-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }