Antara News, Wednesday, October 20, 2010 20:41 WIB
Beijing (ANTARA News) - Indonesia and China have signed four economic agreements covering trade financing, investment and infrastructure development.
The agreements were contained in memorandums of understanding signed by officials from the two countries and witnessed by visiting Indonesian Vice President Boediono here on Wednesday.
The four memorandums of understanding cover an agreement to expand and deepen the two countries` trade and economic cooperation, an agreement on trade and investment financing between the Indonesia Export Financing Institute (LPEI) or Indonesia Exim Bank and China`s Exim Bank and an agreement to increase cooperation in the infrastructure development.
They also signed an agreement on the PLTU power project in Celukan Bawang, North Bali, with a capacity of 3x1500 MW.
Indonesian Trade Minister Mari Elka Pangestu said Indonesia`s Exim Bank received a financing facility of US$350 million from the Industrial and Commercial Bank of China to increase financing for domestic trade and investment.
She said the Indonesian Textile Association (API) and the Indonesian Shoe Makers Association (Aprisindo) had already signed an agreement with LPEI for Indonesia Exim Bank to be able to help the country`s textile and shoe industries in the field of financing and investment.
She said industrialists were interested in the financing from LPEI because LPEI gives an affordable interest and a risk guarantee for new exporters.
"LPEI provides financial help at an affordable interest rate and a risk guarantee for new exporters with good track records or for new vestures such as cooperation with China for the financing of new machinery procurement," she said.
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