Indonesia Eximbank, the Indonesian ECA, has secured a US$45mn loan from the Islamic Development Bank (IDB) to expand trade to IDB member states.
The financing was reportedly arranged during the IDB’s annual meeting in Jeddah, Saudi Arabia, last week. A statement from the IDB says the three-year loan “will be used to directly and indirectly support exports of goods and services in infrastructure, agriculture and manufacturing sectors”.
The loan will reportedly also be used to finance imports of machinery and raw materials from IDB member countries.
Indonesia has the largest Muslim population in the world, and is the largest economy in the Southeast Asian region, posting 5.9% GDP growth on average over the last five years.