The financial institution is keen to help the Indonesian economy continue on its upward trajectory through new financing commitment
World Bank Group President Jim Yong Kim has pledged up to $11bn in new financing over the next three to four years in order to support the continued growth of the Indonesian economy – the fourth most populous country in the world.
Kim offered the institution’s support during a meeting with the country’s President Joko Widodo: “The World Bank Group is committed to building on the strong and successful partnership we have had with Indonesia for more than six decades,” said Kim. “We plan to deliver one of our largest financial commitments in the world to Indonesia from the Jakarta office, sharing with Indonesia international knowledge and technical expertise in sectors ranging from energy, health, education, maritime economy, to the delivery of services at the local level.”
The leader of the UN’s international financial institution praised Indonesia’s economic growth, which has grown on average by six percent over the last 10 years. The country has also halved rates of extreme poverty, and in just 15 years has seen it fall to 11.3 percent. Kim applauded the country’s performance, which has helped lift more than 25 million Indonesians out of poverty in a relatively short space of time.
The World Bank Group has a set a target to end extreme poverty by 2030 and increase the incomes and overall wellbeing of the poorest 40 percent of people in low- and middle-income countries. In order to assist countries in reaching this goal, the organisation’s president has reorganised its new structures to focus on collecting and sharing with governments best international practices in a wide range of sectors.
“We would like to make it easier for our member countries to benefit from our comparative advantage: our unparalleled development expertise, complemented by reliable long-term financing,” he said.
Of the proposed $11bn in new financing, $8bn will be from the World Bank and $3bn from the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).
original source: http://www.worldfinance.com/banking/central/world-bank-president-pledges-11bn-to-support-indonesia