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Indonesia joins Turkey to set up Islamic infrastructure bank

Indonesia is set to co-found a new cross-border Islamic infrastructure bank together with Turkey and Saudi-based Islamic Development Bank (IDB), aiming to promote infrastructure development in many countries.
Indonesia is set to co-found a new cross-border Islamic infrastructurebank together with Turkey and Saudi-based Islamic Development Bank(IDB), aiming to promote infrastructure development in many countries.

Accordingto Indonesian Finance Minister Bambang Brodjonegoro, his country isprepared to contribute at least 300 million USD to the project.

The minister also revealed that the Indonesian Government plans to thecountry’s first infrastructure bank, which is scheduled to start itsoperation on August this year.

As part of efforts to promoteeconomic growth, Indonesian President Joko Widodo pledged to increaseinvestment in national infrastructure development.

Indonesiaprepared a budget worth 195,000 billion rupiah (14.76 billion USD) forinfrastructure projects this year. It also called on domestic andinternational investors to participate in those projects.

On arecent visit to Jakarta, World Bank President Jim Yong Kim promised tooffer financial assistance worth up to 12 billion USD to Indonesia inthe next 3-4 years.

The WB is now Indonesia’s largest development partner.-VNA
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