Published on : Wednesday, May 22, 2019
The International Finance Corporation or IFC, a member of the World Bank Group, will invest up to $300 million in companies associated with tourism-related sectors in Indonesia, a top executive informed DEALSTREETASIA on Wednesday. The figure is fixed for the fiscal year July 2019-June 2020. “We targets to have $300 million for our pipeline, which we want to invest in the companies. We cannot disclose the name of the companies yet, but they mostly operate to develop a tourism business in Indonesia,” IFC country manager for Indonesia, Malaysia, and Timor Leste Azzam Khan said. Also, IFC has agreed a $10-million loan package for Aqua Expeditions, Singapore-headquartered boutique river Cruise Company for its Indonesia extension.
Established in 2007, Aqua Expeditions manages soft-adventure cruises in new market destinations. At present it operates two boats – cruising across Cambodian Mekong and Peruvian Amazon rivers. The company will utilize the debt package to add yet another boat, providing coastal luxury cruise service in the eastern part of Indonesia, like Ambon (Maluku), Raja Ampat (Papua), Maumere (Flores), Komodo Island and Labuan Bajo (East Nusa Tenggara) or the so-called ‘ten new Balis’.
The government of Indonesia has been aggressively endorsing the ‘ten new Balis’ tourism programme to build up numerous destinations beyond the most well-liked tourist Island of Bali. Also, Indonesian tourism could probably generate $20 billion in foreign exchange revenue throughout this year, according to the government estimates.