Jakarta (ANTARA News) - Japan has agreed to extend soft loans worth 23.554 billion yen (equivalent to Rp1.86 trillion) to Indonesia to develop its economic and social sectors.
The loan agreement was signed by Japanese Ambassador to Indonesia Shin Ebihara and Indonesian Foreign Ministry`s Director General for Asia-Pacific and African Affairs Primo Alui Joelianto at the latter`s office here on Friday, the Japanese Embassy said in a statement.
The loan which carries an annual interest of 1.5 percent with a grace period of 30 years will be used to finance two major projects, namely third development policy and infrastructure reform projects. The projects will cost Rp933.65 billion each.
The third development policy project will focus on improving the macro-economic stability, investment climate, and poverty alleviation. The infrastructure reform project is designed to speed up the building of infrastructure facilities.
The two projects will also be financed with loans from the World Bank and the Asian Development Bank.
Early this month Japan provided 200 million yen (Rp15.86 billion or US$1.72 million) in grants to Indonesia to support programs to promote food production and lift the people out of poverty.
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