Illustrative image (Source: AFP/VNA)The World Bank (WB) has approved a new loan worth 200 million USD for Indonesia to help with infrastructure projects, the Antara news agency reported.
The fund will be used to support PT Indonesia Infrastructure Finance (IIF), a non bank private institution, said Rodrigo Chaves, WB chief representative in Indonesia.
Earlier, the World Bank and the International Finance Corporation already provided funding for PT IIF to finance infrastructure projects in the country.
Indonesia is currently facing a shortage of around 60 billion USD a year to invest in infrastructure projects. Meanwhile, the country suffers losses equivalent to more than one percent of its GDP due to inadequate infrastructure./.