E. Timorese get loans

E. Timorese get loans

DILI, East Timor (JP): The state oil and gas company Pertamina is providing Rp 298.5 million (some US$135,374) in soft loans for small-scale businesses and cooperatives in this province to help improve their financial structures.

Agreements on the loans were signed by Pertamina's head for production and procurement activities in the province, Mahdi A. Hasjmy, and representatives of the small businesses and cooperatives, Jeremias Soares and Juliana da Costa Soares, in a ceremony here last week.

Mahdi said that the loans will have a maturity of three years and carry an interest rate of four percent per annum.

"The credits, which will be accompanied by technical assistance, will be distributed to 27 small entrepreneurs and cooperatives in East Timor," he said.

He said Pertamina will use the funds from the loan repayments as loans for other small businesses and cooperatives in the province.

Mahdi said Pertamina has thus far provided Rp 22 billion in loans for small businesses and cooperatives in the province. (yac/fhp)