IFC invests in PT Berlian

Wed, 04 Jun 1997 | Source: AFP

WASHINGTON (AFP): A World Bank group financing private sector projects in developing countries on Monday said it had approved a US$42 million investment in an Indonesia shipping firm.

The loan and equity financing package from the International Finance Corporation is for PT Berlian Laju Tanker (BLT), which specializes in carrying oil products, liquefied petroleum gas and asphalt.

The financing will enable the company to expand its operations in international and regional markets and reduce the age of its fleet, according to the IFC.

The expansion program includes the acquisition of 10 newly built chemical tankers ranging from 6,500 to 9,000 tons.

"This investment underscores our support to the Indonesian government's recently announced liberalization measures for the shipping industry," said Declan Duff, head of the IFC's telecommunications, transportation and utilities division.

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