The World Bank has endorsed a new Country Partnership Framework for Indonesia, to deliver over $10 billion towards infrastructure development and poverty reduction over the next five years.
The programme is intended to achieve the World Bank’s goals of eliminating extreme poverty and sharing prosperity across Indonesia, as well as Jakarta’s medium term development objectives.
The funds will be deployed from the World Bank Group’s International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC), and Multilateral Investment Guarantee Agency (MIGA).
Related: Indonesia: OJK Promotes Sustainable Finance
The Framework outlines areas of engagement between the World Bank Group, the Indonesian government, the private sector and other development partners. These include national infrastructure programs essential to growth, sustainable energy, the maritime economy, government revenue collection and services, and holistic management of Indonesia’s natural resources.
Initiatives from multilaterals are helping Indonesia get on track to meeting its needs. The IFC invested 20 percent into PT Indonesia Infrastructure Financing, a company established with Indonesian government and Asian Development Bank support to provide financing for infrastructure projects in the archipelago.
Recent initiatives from the government have included amending public-private partnerships (PPP) legislation with Presidential Regulation No. 38 of 2015 to clarify the tender process, and establishing the Indonesia Infrastructure Guarantee Fund for PPPs.
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