Underdeveloped infrastructure and poor domestic and international connectivity prevented Indonesia from achieving its growth potential. Furthermore, the pace of economic growth and job creation was insufficient to reverse the declining poverty reduction rate and widening rural-urban disparity as well as close the socioeconomic gap between the western and eastern regions.
During 2005–2009, Indonesia’s overall infrastructure investment need was estimated at $65 billion, $16 billion of which was targeted to come from private sector investors.
Following the1997–1998 Asian financial crisis, Indonesia became highly aware of the need to deepen and diversify its finance sector. Under the Medium-Term Development Plan, 2004–2009 and the subsequent National Medium-term Development Plan, 2010–2014, the government thus committed to developing the country’s capital market and nonbank finance subsector.
Poor basic infrastructure that impeded economic cooperation in the Greater Mekong Subregion (GMS) underpinned the preparation of the Northern Greater Mekong Subregion (GMS) Transport Network Improvement Project.
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