IDB to extend loans to Mandiri

JAKARTA (JP): Islamic Development Bank (IDB) president Ahmad Mohamed Ali said here on Monday the bank would extend export- financing loans to Bank Mandiri, which would channel the money to Indonesian exporters.

Ali, however, did not disclose the amount of the loans.

He noted that the export credits would give payment certainty to Indonesia's exporters who sold their products to IDB member countries and countries in the Organization of Economic Cooperation and Development.

"This facility is to improve trade among IDB members and enhance Indonesia's exports, which have become the main source of Indonesia's foreign exchange," Ali said during the celebration marking IDB's 25th anniversary.

IDB, Ali said, also would extend US$9.29 million in loans to the Indonesian government to build or renovate secondary schools, including Islamic secondary schools, in six provinces.

The loan agreement for the development of secondary schools will be signed here later on Monday. (rei)