World Bank offers Indonesia $1 billion in loans after earthquake, tsunami

The World Bank announced Sunday funding of up to $1 billion for Indonesia after it was rocked by a string of recent disasters, including a deadly earthquake-tsunami that killed thousands of people.

World Bank Chief Executive Officer Kristalina Georgieva unveiled the funds at Indonesian Bali Holiday Island, where the Bank and the International Monetary Fund (IMF) have been holding their annual meetings.

A 7.5-magnitude quake and a resulting tsunami tore through Palu city on Sulawesi island on September 28, killing more than 2,000 people and leaving thousands more missing, presumed dead.

Georgieva said the funds being made available by the Bank in the form of loans could be used for reconstruction but were also intended to help Indonesia build “resilience”, so it would be better prepared in the face of future disasters.

Nearly 90,000 people were displaced by the quake in Palu, forcing them into evacuation centers across the rubble-strewn city.

Source: International Islamic News Agency