RI gets $500m aid from IDB

RI gets $500m aid from IDB

DUBAI (Dow Jones): The Jiddah, Saudi Arabia-based Islamic Development Bank (IDB) said late Monday it has awarded US$380 million in aid to Indonesia to help alleviate the country's financial crisis.

The bank said the money is the first installment of a total of $500 million it plans to send Indonesia this fiscal year.

The bulk of Monday's award - $280 million of the $380 million total - is allocated for the purchase of commodities such as rice and soybeans, children's food and medicines, the bank said.

The remaining $100 million will finance projects in the social and agricultural sectors, such as the construction of schools and hospitals in rural areas, irrigation projects, the purchase of agricultural equipment and farmers' credits, the bank said.

The remaining $120 million, which the Islamic Development Bank plans to award Indonesia before the end of the fiscal year, will be allocated for commodities purchases, the bank said.