RI gets loan from ADB

RI gets loan from ADB

MANILA (Reuter): The Asian Development Bank (ADB) said yesterday it had approved an US$80 million loan for Indonesia to strengthen its technological capabilities in industrial research.

"The project is designed to upgrade the quality of industrial products in the country's key economic sectors," the ADB said in a statement.

The funds will be spent to bolster research in the textile, ceramics, metals, machinery, leather, handicrafts, and marine industries.

"International consultants will be engaged to assist in preparation of business plans for industrial research and development institutes," the Bank added.

The loan will come from the ADB's ordinary capital resources. It can be repaid over 25 years, including a grace period of five years.

Interest was set at 6.9 percent per annum. Principal and interest will be paid twice.