The Asian Development Bank (ADB) has provided a loan of 500 million US dollars to support Indonesia’s development agenda and reform priorities for creating an environment that supports investment, reducing trade barriers, and increasing business scale.
“Policy reforms under this program will help Indonesia attract more investment, including in green and sustainable businesses, reduce trade barriers, and empower local businesses,” said ADB Director for Indonesia Jiro Tominaga in a written statement received by ANTARA in Jakarta on Monday.
The second of three sub-programs under the Competitiveness, Industrial Modernization, and Trade Acceleration (CITA) Program has continued the success of the first sub-program, which was approved in October 2021.
CITA is in line with Indonesia’s 2045 Vision and the National Medium-Term Development Plan (RPJMN) 2020–2024. It is also an important part of ADB’s Indonesian state partnership strategy for 2020–2024, especially the strategic pathway to accelerate economic recovery and strengthen climate resilience.
As per the government’s estimate, to achieve a high-income status by 2045, Indonesia’s gross domestic product will need to grow at least 6 percent every year, well above the pre-pandemic average of 5.3 percent, Tominaga said.
“Indonesia’s progress has been good in recovering from the COVID-19 pandemic.—ANTARA
