IDB, Indonesia sign $1 bln co-financing agreement for infrastructure development
NUSA DUA, BALI –The Islamic Development Bank (IDB) has signed a co-financing agreement of up to $1 billion with Indonesia’s state-owned PT Sarana Multi Infrastruktur (SMI). 60 percent of the financing will be channeled into national infrastructure projects.
IDB president Bandar Hajjar said the money will be channeled into various schemes such as co-financing (public-private partnerships), co-investments (equity participation), and direct financing.
“The infrastructure of the cities of member countries is not equipped to handle their booming populations. The need for building better and smarter cities is inevitable,” said Hajjar on the sidelines of the 3rd IDB Member Countries Sovereign Investments Forum.
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