IFC Invests US$ 550 M in Banking, Infrastructure Sectors

The International Finance Corporation (IFC), a unit of the World Bank, will invest US$ 550 million in Indonesia this year. The fund will mainly flow into the infra sector and for climate change mitigation projects.

The US$ 550 million fund will comprise of US$ 350 million for banking sector, US$150 million for agriculture and manufacturing sectors, and US$50 million for the infrastructure sector.

In the infra sector, IFC will among others, fund energy projects involving state-electricity firm PT PLN. IFC will also invite the private sectors to develop, operate and even own interests in the US$ 2.3 billion, 2,000 megawatt Central Java steam power plant.

Sergio Pimenta, Director of IFC for East Asia and the Pacific, said that IFC has budgeted US$2.8 billion this year for 69 projects in East Asia. The investments are projected to create 72 thousand new jobs and help 157 thousand farmers.