Kuwait to Grant $50m Soft Loan to Indonesia for Development Projects

Published September 4th, 2001 - 02:00 GMT

Kuwait has agreed to grant Indonesia a $50 million soft loan to help finance the country's development projects, reported the official Iranian news agency, IRNA, on Tuesday. 

The Kuwait embassy in Jakarta said in a brief statement on Monday that the soft loan was part of Kuwait's efforts to boost bilateral ties with Indonesia. 

The statement also said that “Ambassador Jamal Al Nesafi met with President Megawati Sukarnoputri on Friday.”  

The statement did not provide any details or timetable as to when the loan would be disbursed, IRNA said.  

Indonesia needs foreign assistance to help lift the country out of its current economic difficulties.  

The government is expected to secure a massive loan commitment from the Consultative Group on Indonesia (CGI) next month to help finance the 2002 state budget, said IRNA – Albawaba.com 


© 2001 Al Bawaba (www.albawaba.com)

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