Asia-Pacific

S Korea grants Indonesia $600 million loan

(Xinhua)
Updated: 2010-12-27 15:42

JAKARTA - South Korea agreed to provide $600 million loan to Indonesia during 2010-2013 under a framework agreement signed on Monday.

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The document was signed by Director General for Asia Pacific and Africa at Indonesia's Foreign Ministry TM Hamzah Thayeb and South Korean Ambassador to Indonesia Kim Ho-young.

"This bilateral cooperation between Indonesia and South Korea in the framework of the Economic Development Cooperation Fund (EDCF) is a financial cooperation program aimed to support development in industrial sector and an effort to materialize Indonesia's economic stability," said Thayeb.

The agreement will prioritize on three sectors of information technology and communication, infrastructure and green growth.

Previously, during 2007-2009, total commitment of the financial cooperation was $149.9 million.