CDC plans to invest more in RI

JAKARTA (JP): The Commonwealth Development Corporation (CDC) of Britain plans to invest US$50 million a year here for the next few years.

CDC chairman Lord Cairns said here yesterday the company would focus on infrastructure, manufacturing, agriculture and mining projects.

"CDC is keen to invest in those industries which will help to maintain the forward momentum of the economy," Cairns said at a gathering to celebrate CDC's 25th year in Indonesia.

He said CDC was looking for opportunities through long-term lending and investing as an equity partner.

CDC's Indonesian representative Malcolm Hodgson said the corporation had invested over US$300 million in a wide range of enterprises across the country since it started operating here in 1971.

The corporation, Hodgson said, was looking at equity participation in venture capital and telecommunications firms. He said it was also negotiating to invest in a palm oil project.

Hodgson said CDC normally invested in projects worth up to $150 million, or would provide up to $50 million to individual companies.

CDC has invested in several companies, including cement firm PT Semen Andalas, venture capital firm Nusantara Investment Fund and plastic firm PT Mapan Moni Mandiri. CDC normally buys between a 10 percent and 25 percent stake in a company.

CDC was established in 1948 to assist countries to develop their economies by investing in financially and developmentally sound commercial enterprises. By the end of last year, CDC had invested $2.3 billion in 360 enterprises in 50 countries. (rid)