JBIC pledges cheap loans for railway project<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
The Japan Bank for International Cooperation (JBIC) agreed on
\nThursday to provide Indonesia with cheap loans amounting to 48.70
\nbillion yen (about US$386.51 million) for education and railway
\nprojects.<\/p>\n
JBIC said in a press statement that the agreement for the two
\noverseas development assistance loans were signed in Tokyo by
\nIndonesia Ambassador in Tokyo Soemadi Djoko Moerdjono
\nBrotodiningrat and JBIC governor Kyosuke Shinozawa.<\/p>\n
The statement said that 7.67 billion yen would be used for the
\nMaritime Education and Training Improvement project. The loan
\nwill be provided in the form of \"goods and services\" and
\n\"consultancy services\" each carrying an interest rate of 0.75
\npercent with a repayment period of 40 years plus a grace period
\nof 10 years.<\/p>\n
The remainder, 41.03 billion yen, would go toward financing
\nthe railway electrification and double-double tracking of the
\nJava Main Line Project. This loan has similar conditions as the
\nabove except it carries a higher interest rate of 0.95 percent.<\/p>\n
The signing of the loan agreement followed similar pledges
\nmade on Wednesday by the World Bank, Asian Development Bank, and
\nGermany's Kreditstanstalt fuer Wiederaufbau in loans and grants
\nworth some $228.6 million.<\/p>\n
JBIC said that the first project was aimed at improving
\nmaritime education and training programs in Indonesia to meet
\ninternational standards.<\/p>\n
\"The country is the world's largest archipelago and second
\nlargest supplier of seafarers after the Philippines,\" the bank
\nsaid.<\/p>\n
The railway project on the so-called Bekasi Line is aimed at
\ninstalling additional double tracks to separate long-distance and
\ncommuter traffic and to electrify the extension of suburban rail
\nlines to meet the needs of expanding commuting areas.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/jbic-pledges-cheap-loans-for-railway-project-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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