US, Indonesia ink cooperation to support infrastructure development

US, Indonesia ink cooperation to support infrastructure development

US Secretary of Treasury Steven T. Mnuchin. (ANTARA/Reuters/tm)

Jakarta (ANTARA) - Indonesian Finance Minister Sri Mulyani Indrawati and US Secretary of Treasury Steven T. Mnuchin, on Friday, inked a framework of cooperation to bolster infrastructure financing and market development.

The US Embassy in Jakarta announced on Saturday that they signed the framework of cooperation through long distance.

Initiative for the cooperation was formulated to realize common goals between the US and Indonesia to support infrastructure development through private sector market-oriented investment.

Under the framework of cooperation, the US and Indonesia will deal with regulation and legality barriers to private sector investment focusing on financial instrument development, project financing, local bond market, and stock exchange

Infrastructure development is crucial for long-term economic growth and recovery from the impacts of the COVID-19 pandemic. The framework of cooperation supports economic growth and common goals of both nations to meet infrastructure requirements through private sector market-oriented investment, Mnuchin stated.

The first meeting of the working group, held under a framework agreement, will be held virtually on Sept 22-23, according to the embassy.

The involvement in cooperation in the field of infrastructure is expected to support the US government's broader Indo-Pacific strategy by completing ongoing efforts under the Asia EDGE (Enhancing Development and Growth through Energy) and Infrastructure Transaction and Assistance Network (ITAN).

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