Bank to fund low-cost housing

The Jakarta Post

JAKARTA: State-owned bank Tabungan Negara has approved financial proposals for the development of four low-cost apartment buildings in Jakarta, Antara reported Monday.

The four apartment buildings are to be built in Pulogebang and Cawang, both in East Jakarta, and West Jakarta's Cengkareng and Daan Mogot areas.

"We have approved four out of 63 proposals submitted to the bank," president director Iqbal Latanro said.

Iqbal said the bank would allocate Rp 1 trillion for the construction of the buildings from the Rp 10.04 trillion allocated to it in 2008 by the government.

"However, we have to wait for instructions from the Public Housing Ministry as to when we can start providing credit to apartment owners," he said.

The central administration plans to develop several low-cost apartment buildings in Jakarta to provide proper housing for evicted squatters.