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Home >> Business
UPDATED: 15:49, July 27, 2006
Islamic bank to finance energy projects in Indonesia
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The Islamic Development Bank (IDB) would finance electricity projects in Indonesia that could be valued at 30 billion U.S. dollars, IDB Vice President Amadou Boubacar Cisse said here Thursday.

The vice president said that the bank would finance the projects by its own funds and also act as an arranger to shift resources from the Middle East to the energy projects in Indonesia.

"We will of course continue (to assist), we hope to be able to identify certain points where we could provide finance but also be the lead arranger to get all the resources to finance that program, " he said.

But, the vice president did not give further detail on the amount of funds to be assisted.

Amadao said that the high oil price has led to huge amount resources available in the Middle East.

Spokesman of the Indonesian state electricity firm PLN Mulyoadji said that the company was tendering 10 projects of establishment electricity power plants and also six projects of independent power producers across the country, all of which could be valued at around 30 billion U.S. dollars, he told Xinhua.

In addition to the energy sector, the vice president said that the bank would also focus its contribution on the infrastructure development.

"We would be certainly involved in major infrastructure program in the transport infrastructure, for road, airport or ports, and also possibly in housing," he said.

The bank has also contribute to the relief effort after the tsunami hit Indonesia's Aceh province on Dec. 26, 2004, and also in the East quake in Yogyakarta province.

Indonesia is the most populous Muslim country, where 87 percent of its 240 million population are Muslim, with vast majority of moderate.

Source: Xinhua

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