Coordinating Minister for Economic Affairs Airlangga Hartarto stated that Indonesia, as a member of BRICS, has the right to join the New Development Bank (NDB) and has been asked to invest in accordance with the established formula.
"The New Development Bank is part of the banking under BRICS, and Indonesia as a member of BRICS has a share to participate in the New Development Bank. Yesterday, the President decided that we would enter there, and there is a formula, from that formula we were asked to make investments," said Airlangga at the Presidential Palace complex, Jakarta, Wednesday, March 26, reported by ANTARA.
Although he has not detailed the amount of capital participation that must be deposited, Airlangga ensures that the investment payment can be made within seven years.
"Actually, I haven't seen it yet. Anyway, payable in seven years," said Airlangga answering how much investment value was needed for NDB.
He said that Indonesia's participation as a member of NDB is expected to strengthen economic cooperation with BRICS countries and open new funding opportunities for various development projects in the country.
The Indonesian government has decided to join the New Development Bank (NDB), a development bank under the auspices of the BRICS group.
This decision was taken after President Prabowo Subianto gave approval for Indonesian membership at the financial institution, Tuesday (25/3).
As previously reported, Minister of Finance Sri Mulyani said Indonesia had undergone various technical discussions with NDB before finally deciding to join as a member.
He explained that various technical aspects had been discussed with NDB, including membership requirements, contributions from other member countries, as well as the role of NDB in supporting Indonesia's economic development.
NDB as a multilateral development bank founded by BRICS countries contributes to financing infrastructure projects and sustainable development in developing countries.
NDB focuses on infrastructure development, then on development to fight poverty with programs that support industrialization so that it will increase job creation.
According to Sri Mulyani, one of the potential collaborations expected is the collaboration between NDB and Danantara as Indonesia's infrastructure financing institution.
"We also have Danantara, later we can collaborate and others," he said.
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