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Indonesia gets $20 million guarantee on exports from Islamic bank
Regional-Indonesia, Economics, 7/15/1998
The Islamic Development Bank has agreed to extend to the Indonesian Exporters Association (GPEI) a $240 million guarantee on letters of credit for exports to the Middle East, Indonesia's news agency reported.
This facility will allow GPEI members to export coffee, tea, textile and textile products, plywood and other commodities to Jordan, Saudi Arabia and Egypt.
GPEI hopes that the government, particularly the finance minister, will lend its support by instructing the country's banks to help exporters and producers fulfill orders placed by Middle Eastern importers.
"The opportunity to export our commodities to the Middle East must be tapped to the maximum to ensure that orders from this part of the world are met," the association's deputy chairman said.
Previous Stories:
Islamic bank approves new finances worth $172 million
(6/16/1998)
US $173 million for IBD projects
(6/10/1998)
New Indonesian president backs Arab causes
(5/26/1998)
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