S'pore launches RI aid scheme

S'pore launches RI aid scheme

SINGAPORE (AFP): Singapore on Friday launched a S$400 million
(US$235.3 million) finance scheme to encourage local companies to
invest in Indonesia.

The scheme is run by the Economic Development Board (EDB),
Singapore's state investment promotion arm and caters to both
large companies and small and medium enterprises which have at
least 51 percent local equity.

The EDB said in a statement loans under the scheme would be
used to finance factory, machinery and equipment investments by
Singapore companies into Indonesia.

Singapore Prime Minister Goh Chok Tong during his visit to
Jakarta last month had offered the loan assistance scheme to
encourage local companies to invest in Indonesia.

Goh said Singapore wanted to help accelerate Indonesia's
economic recovery following political and economic turmoil
stemming from Asia's financial crisis which erupted in mid-1997.