Indonesia’s Financial Sector Set to Benefit from World Bank’s USD 300 Million Facility

The World Bank has approved a USD 300 million facility to help Indonesia reform its financial markets, by broadening the country’s financial market outreach and expanding its product portfolio.

Leste Satu Kahkonen, World Bank Country Director (CD) for Indonesia and Timor, stated that Indonesia needed a sound and well-functioning financial sector in order to achieve sustainable economic growth, in addition to achieving the country's poverty-reduction goals. The CD stressed that more support was required to assist the middle class in achieving financial security.

The facility is also expected to assist in improving efficiency levels in the financial sector, via the use of modern...