Irian gets venture capital

JAKARTA (JP): Minister of Finance Mar'ie Muhammad inaugurated venture capital firm PT Sarana Irian Jaya Ventura with a paid-up capital of Rp 3.2 billion (US$1.3 million) in Jayapura, Irian Jaya, yesterday.

Mar'ie said the company, financed by 21 shareholders, has been set up to provide financial assistance to small and medium-sized enterprises in the province, particularly those owned by indigenous people.

Minister of Cooperatives and Small Enterprises Subiakto Tjakrawerdaya said in yesterday's inaugural ceremony that the new venture capital firm has to be proactive in assisting small businesses in the easternmost province.

The government has sponsored the establishment of venture capital firms in more than 13 provinces to boost the development of small businesses. (kod)