IFC approves $675.3m in aid for RI

IFC approves $675.3m in aid for RI

JAKARTA (JP): The International Finance Corporation (IFC), an
affiliate of the World Bank, approved a total package of US$675.3
million for Indonesian projects in the 1995/96 fiscal year ending
June 30, 1996, the corporation announced here yesterday.

For the financing, the IFC provided $182.4 million from its
own accounts, while the other $492.9 million was syndicated with
foreign financial institutions, Antonio H. David, the IFC's
regional representative, said in a statement sent to The Jakarta
Post yesterday.

The financing approvals included a $350 million long term loan
for a telecommunications project in Sumatra by PT Pramindo
Sumatra Telecoms, a joint venture of PT Astra International and
France Telecom.

The IFC also made a substantial commitment to agribusiness
with new investments in the palm oil and poultry industries.

"The IFC is also working with second-tier private companies
which need assistance and capital to succeed in an increasingly
competitive market, to contribute to a more diverse and resilient
private sector," said David.

He said that the IFC's Annual Report for the 1995/1996 fiscal
year, to be released officially at the forthcoming World
Bank-IMF-IFC Annual Meeting in Washington on Oct. 2-3, will also
show that the corporation approved a total of $3.2 billion in
financing for 264 projects in 68 developing countries in
1995/1996, up from $2.9 billion in the previous fiscal year.

In Asia, the IFC approved the financing of $2.8 billion for 53
projects in 1995/1996.

Investments in agribusiness and food processing increased
considerably in 1995/1996 with the IFC's approval of over $379
million for its own account for 51 projects worldwide.

The report also noted that loan syndications rose by 88
percent to $4.8 billion last fiscal year from $2.6 billion in
1994/1995. (jsk)