World Bank approves development package

Energy programme: Women sit on a hill overlooking the Suralaya coal power plant in Cilegon. The financing structure offers Indonesia favourable interest rates for nine years with built-in incentives to attract private capital over time. — AP

JAKARTA: The World Bank has announced a US$2.1bil blended finance package spanning over two different projects, which it says are the first approved in support of the Indonesian government’s goal of reaching high-income status by 2045.

The bank wrote in a statement on Monday that the packages were intended to create jobs, boost economic growth and improve clean energy access across Indonesia.