IPTN gets interest-free loan from forestry funds
IPTN gets interest-free loan from forestry funds
JAKARTA (JP): Forestry minister Djamaloedin Soeryohadikoesoemo
confirmed here yesterday that IPTN, the state-owned aircraft
manufacturer, will receive Rp 400 billion (US$180 million) in an
interest-free loan from his office to support the manufacture of
N-250 aircraft.
"The loan will be taken from interest on reforestation funds
held in Bank Indonesia and state banks," he said during a hearing
with Commission IV of the House of Representatives (DPR).
Djamaloedin said the interest-free loan, which is made under a
presidential decree, will be disbursed over 10 months beginning
last month.
He, however, refused to specify terms of the loan or its
repayment period. "The loan will be repaid after IPTN is able to
produce and sell its airplanes," he told the House commission,
which is in charge of forestry and agriculture.
The reforestation funds collected by the forestry ministry
from concessionaires over the last five years have totaled around
Rp 3.04 trillion (US$1.44 billion). All of the money has been
placed in time deposits in several state banks and in commercial
papers issued by Bank Indonesia (the central bank).
"The loan will be given in phases so that the gradual
disbursement of the loan will not affect the operation of those
banks," he said.
The minister said that most of the reforestation funds have
been used to support reforestation programs as well as establish
timber estates and that the total balance was Rp 825.89 billion
at the end of the fifth Five Year Development Plan (Repelita V)
in March of this year.
He estimated that the reforestation funds will reach some Rp
3.7 trillion in the next five years.
IPTN plans to launch a prototype of its specially-designed
aircraft, the N-250, in the presence of 15 Asia-Pacific heads of
the government in November.
IPTN executives said earlier that the company expects to sell
700 N-250s within 20 years, of which 230 would be sold
domestically.
IPTN, headed by State Minister for Research and Technology
B.J. Habibie, has so far recorded 157 domestic and overseas
orders for the aircraft.
The company plans to establish production facilities in the
United States. (hen)