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Indonesia signs US$1b loan with China Export Bank

24-Dec-2008 Intellasia | Dow Jones | 7:01 AM

The Indonesian government signed a memorandum of understanding for a US$1 billion loan with the China Export Bank to be used to buy Chinese goods, vice President Jusuf Kalla said Monday.

“China Export Bank is ready to give up to US$1 billion credit to Indonesia to buy goods from China that are not produced in Indonesia, such as machinery and steel,” he said.

Kalla didn’t specify how much Indonesia might borrow, or when it might take the loan.

Kalla added that the Chinese government “is also committed to developing the energy sector in Indonesia and this MoU is hoped to speed up that process.” He didn’t elaborate on that statement.

Indonesia and China last week signed cooperation deals on 11 energy projects including oil and gas developments in Indonesia and on raising Indonesia’s electricity generating capacity.


Category: Indonesia

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