Posted Date: 15/10/2018
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World Bank will provide Indonesia with $1 billion in loans for post disaster reconstruction

World Bank will provide Indonesia with $1 billion in loans for post-disaster reconstruction

Original title: World Bank will provide Indonesia with a $1 billion loan for post-earthquake tsunami reconstruction

According to a Reuters report on October 14, the World Bank said on Sunday that it will provide up to $1 billion in loans to Indonesia, which has suffered from disasters in recent months. Relief and reconstruction work in the two islands that were hit by the earthquake and tsunami.

According to the report, in addition to loans, the Bank will provide Indonesia with a $5 million technical assistance grant to ensure the sound implementation of the disaster area reconstruction plan.

The World Bank and the International Monetary Fund are currently holding an annual summit in Bali. The World Bank said its preliminary report showed that the actual losses caused by disasters in recent disasters to infrastructure, residential and non-residential properties in Indonesia's affected areas were about $531 million.

According to the report, the World Bank's loan financing program will provide cash support for the poorest 150,000 affected families for six months to one year, which will help the recovery phase after the disaster.

At the same time, the head of the Indonesian Fiscal Policy Office said earlier this month that the Indonesian government plans to launch a new strategy to fund disaster recovery, including insurance for state-owned assets and the sale of “disaster bonds.

Indonesia has suffered from disasters in recent months. The city of Palu was hit by a magnitude 7.5 earthquake and tsunami on September 28, causing more than 2,000 deaths in Palu and its surrounding areas. The earthquake that took place in the resort of Lombok in July and August killed more than 500 people.

World Bank will provide Indonesia with a $1 billion loan for post earthquake tsunami reconstruction


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