BEI to cooperate with 15 foreign banks<\/p>\n
JAKARTA (JP): The newly established Bank Ekspor Indonesia
\n(BEI) will cooperate with 15 foreign banks in financing the
\nimports of export-oriented Indonesian companies, a central bank
\nofficial said here on Tuesday.<\/p>\n
The head of the Bank Indonesia Task Force on the Restructuring
\nof Credit, Mukhlis Rasyid, said the foreign banks would include
\nStandard Chartered Bank, Deutsch Bank and Bank of Tokyo
\nMitsubishi.<\/p>\n
"These 15 banks will act as confirming banks for letters of
\ncredit issued by BEI to finance the imports of local export
\ncompanies," he said.<\/p>\n
BEI was established in May by the government to support
\nexport-oriented companies.<\/p>\n
Unlike a conventional bank, BEI will raise funds from
\ninternational financing agencies like Japan's Export Import Bank
\nrather than the public to finance its activities.<\/p>\n
BEI's main tasks will be to guarantee letters of credit and
\nissue guarantees for domestic exporters who need loans from local
\nbanks to finance their operations.<\/p>\n
"BEI will begin operating on Sept. 1," Mukhlis said. BEI was
\npreviously slated to begin operations earlier this month.<\/p>\n
BEI president Budi Mulya said last month the government would
\nbe able to put the bank into operation in early August.<\/p>\n
The government injected Rp 3 trillion (about US$428.5 million)
\ninto BEI as initial paid-up capital following the bank's
\nestablishment in May.<\/p>\n
Mukhlis said the commencement of BEI's operations now awaited
\nthe signing of agreements by parties involved in BEI.<\/p>\n
Mukhlis said these parties were BEI, the 15 foreign banks and
\ndomestic banks which were expected to extend loans guaranteed by
\nBEI to exporters.<\/p>\n
A set of standard agreements will be drawn up to govern BEI's
\nfinancing of domestic exporters, Mukhlis said. (udi)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bei-to-cooperate-with-15-foreign-banks-1447893297",
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