Bank Mandiri to allocate Rp 11 trillion for plantation credit

JAKARTA (Antara): PT Bank Mandiri is preparing a credit scheme worth Rp 11 trillion (US$1.2 billion) to help finance investment in the plantation sector in the 2007-2010 period, a Bank Mandiri director said on Friday.

Director for Micro & Retail Banking Affairs of Bank Mandiri, Budi Gunardi, said in press statment that the funds would among others be used to develop 321,268 hectares of oil palm plantations.

He said the credits would be provided in stages in accordance with the need for planting and maintenance of the oil palm trees.

According to Budi, the Rp 11 trillion could meet the need for credit of 80,000 plasm farmers. Besides, oil palm plantations, the credits were also intended to develop ccoa and rubber plantations.

Up to now, the amount of credits Bank Mandiri had provided reached Rp 14.39 trillion, of which Rp 11.3 trillion were provided for large-scale plantations and people's nucleus plantations while Rp 3.09 trillion had been extended to cooperatives and plasm farmers. (***)
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