ADB lends Indonesia

ADB lends Indonesia

MANILA (Reuter): The Asian Development Bank (ADB) said
yesterday it has approved an US$85 million loan for Indonesia to
help improve basic education.

The Bank said the loan would come from its ordinary capital
resources.

The loan would have a repayment period of 25 years, including
a grace period of five years. The interest rate would be
determined according to the Bank's pool-based variable lending
rate system for U.S. dollar loans, presently at 6.89 percent.

The Bank said the project would directly benefit 524,000
children in public and private primary schools and junior
secondary schools.

The project's total cost was $151.9 million, of which 56
percent would be shouldered by the Bank while the Indonesian
government would contribute 37 percent and beneficiary
communities seven percent.