IFC provides $24m loan to Astra

IFC provides $24m loan to Astra

JAKARTA: International Finance Corporation, the private-sector
investment arm of the World Bank Group, signed an agreement on
Monday to provide a US$24-million loan to PT Astra Otoparts to
fund product and operational development.

"The loan will support the development of a local Indonesian
company and help it remain competitive in an increasingly open
global marketplace," said Dimitris Tsitsiragos, director of IFC's
Global Manufacturing and Services Department.

Astra Otoparts, a unit of PT Astra International, can draw
down the loan either in dollars or rupiah.

The company has 28 partly- and wholly-owned affiliates and
subsidiaries that manufacture and distribute automotive
components.-- Dow Jones