JAKARTA, 17 June, 2021 (TON): A sum of 800 Million USD loan to support the Indonesian investment and trade policies have been approved by the World Bank's Board of Executive Directors on Wednesday.
The loan also aims to help the country in boosting its economic recovery and transformation.
The loan is intended to aid Indonesia’s ambitious reform program to attract investment and increase the country’s economic competitiveness, said Satu Kahkonen, WB Country Director for Indonesia and Timor-Leste.
“These reforms have the potential to support an economic transformation away from commodities and towards higher value-added sectors. This could provide a much-needed boost to the post-pandemic economic recovery.”
However, Indonesia is restricted to attract export-oriented foreign investments due to barriers in investments and trade, which has reduced its unity into the global community of economies and increased the rate of food in the country.
This has also limited the growth of manufacturing and non-commodity sectors. Moreover, due to the pandemic, it has unduly faced exacerbated economic challenges.