Indonesia, South Korea to speed up development financing


Kyoto : Indonesia and South Korea have agreed to accelerate financing of development projects in Indonesia, particularly projects in the intrastructural sector, Anggito Abimayu, an Indonesian delegate to the 40th annual meeting of the Asian Development Bank (ADB), said here on Sunday.

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Abimayu said the agreement was reached in a bilateral meeting between Indonesia and South Korea on the sidelines of the on-going ADB annual sessions on Saturday.

“The two sides held the bilateral talks to follow up the results of their recent negotiation in Jakarta where they agreed to cooperate on investment and trade,” Abimayu said.

Abimayu, who is also chief of Fiscal Policy Affairs of the Ministry of Finance, said that the ministers of finance of the two countries shared the same opinion on the need to create a more detailed mechanism in developing their economic cooperation.

“Indonesia and South Korea also discussed several lending projects, including its mechanism that needed to be created by both nations,” he said.

He said that Indonesia and South Korea held the bilateral meeting after attending the ASEAN 3 financial ministerial meeting on Saturday.

Following the bilateral meeting, Indonesian Finace Minister Sri Mulyani and her South Korean counterpart Kwon Okyu held a joint press conference.

Previously, Indonesia and South Korea had agreed to cooperate in developing a free trade agreement which would be commenced with the formation of a strategic partner.

Besides with South Korea, Indonesia`s agenda on Saturday also included a meeting with the Japan Bank for International Cooperation (JBIC).

The two sides also discussed financing of several projects, particularly in the fields of energy like electricity.

“JBIC also offered a financial scheme which would enable Indonesia to finance its development projects,” he said.

The Indonesian delegation was attending the 60th annual meeting of the Asian Development Bank here on May 6-7.

On the sidelines of the sessions, the Indonesian delegation held bilateral talks with the Japanese, Chinese and South Korean delegations.

The Indonesian delegation also met with Japanese bankers.