ADB $100m loan for education

ADB $100m loan for education

JAKARTA (Agencies): The Asian Development Bank (ADB) announced
on Saturday that it had approved a US$100 million loan to
Indonesia for an education project intended to help some 1.26
million poor children, a report said.

The loan will support the continued decentralization of basic
education management in Indonesia and will be implemented by
local governments, communities and schools in rural districts in
West Nusa Tenggara province, poor districts in Bali and
impoverished communities in Jakarta, the ADB said in a statement
issued by its headquarters in the Philippines capital of Manila
as quoted by AFP.

Poor children in secondary and primary schools and their
communities will be the main beneficiaries of the project to
revamp school facilities, buy and deliver textbooks and supplies
and help children complete basic education, the ADB said.

The ADB loan will have a term of 32 years including a grace
period of eight years. It will carry an interest rate of one
percent per year during the grace period and 1.5 percent
thereafter.