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Indonesian financial institutions allocate 537.1 mln USD to rejuvenate fishery sector

Xinhua, June 18, 2015 Adjust font size:

A senior official at Indonesia's Fishery and Maritime Ministry said on Thursday several banks and non-bank institutions have pledged to jointly provide loans totaling 7.15 trillion rupiah (about 537.1 million U.S. dollars) to help fishermen renewing their operation equipment this year.

Director General for Fish Processing and Marketing at the ministry Saut Hutagalung said that the loan program for the fishermen was in line with the ministry's operation sustainability vision to run the nation's fishery sector.

"The financing program was prioritized to address the fishery sustainability vision that was stipulated in the ministry's regulation No. 2/2015," Saut told a press conference in the ministry's premises here.

Citing to the data obtained from the government-sanctioned financial service supervisory agency of OJK, loans provided by financial institutions for national fishery sector stood at 17.95 trillion rupiah (about 1.3 billion U.S. dollars) last year, or only 0.49 percent from overall loans provided by those institutions 3,600 trillion rupiah (about 270 billion U.S. dollars) .

According to Saut, loans used in fishery sector were apparently less troubled as its Non-Performed Loan (NPL) ratio has been below the maximum 5 percent requited by national banking authority.

He added that the NPL ratio in fishery sector was 4.5 percent in 2012 and continued to reduce to 2.81 percent in 2014. Endi