WB to loan $26.8m to RI

WB to loan $26.8m to RI

JAKARTA (JP): The World Bank has approved a $26.8-million loan
for the Sulawesi agricultural area development project to help
alleviate poverty in the province.

The Washington-based bank said in a statement made available
here yesterday that the project will be implemented over six
years to 2002 to support agriculture-based area development and
strengthen agricultural support services, project administration,
farming systems and fisheries research in Southeast and Central
Sulawesi.

The loan will be repayable in 20 years, including five years
of grace, at the bank's standard variable interest rate for
currency-pool loans. This is currently 6.98 percent.

The $26.8 million loan will finance about 63 percent of the
project costs, with the Indonesian government financing 28
percent and the project beneficiaries accounting for nine percent
through their free labor. (rid)