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Friday, October 22, 2010

ICBC allocates us$250 million for RI

Antara News, Friday, October 22, 2010 03:06 WIB

Jakarta (ANTARA News) - The Industrial and Commercial Bank of China (ICBC) has allocated funds totaling US$250 million in the framework of its cooperation with Indonesia`s Eximbank.

"In this cooperation, ICBC allocates US$250 million to support bilateral cooperation projects," Eximbank Senior Executive Director Arifin Indra said here on Thursday.

He said that the signing of Indonesia Eximbank and ICBC was done in Beijing witnessed by Indonesian Vice President Boediono and Chinese Vice President Xi Jinping on Wednesday.

"ICBC is a biggest government-owned publicly listed bank in China with a world class capitalization," Arifin said.

The area of cooperation between the two sides covered trade, investment and finance between Indonesia and China.

The form of the cooperation is trade in mechanical products, electronics, technology products, energy and raw materials. It is also in the form of infrastructure projects and energy projects in both countries and are cultivated by Indonesian or Chinese firms.

Apart from that it also covered construction projects done by Indonesian or Chinese companies and loans from ICBC to Indonesia Eximbank for projects related to the two institutions.

The fund allocation is also provided to support Chinese buyers who want to buy goods from Indonesian exporters, or cooperation on projects between Indonesian and Chinese companies.

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