INDONESIA: Apac Director Calls For US$1.4bn Loan
Anas Bahfein, who serves as director of the textile association, said the group was seeking support from the banking sector and government in the form of a low-interest loan for the specified amount.
Bahfein said the typical 15-17 per cent interest rates charged by Indonesian banks were too high compared to the five per cent rate charged in many other ASEAN countries.
He added that once funds were procured, they would be used to modernise and replace machinery industry-wide in a phased process.
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