| WASHINGTON, June 26, 2003—The following project was approved today by the World Bank’s Board:
LOAN AMOUNT: IBRD—$204.3 million
TERMS: Grace period = 5 years; Maturity = 20 years
CREDIT AMOUNT: IDA—$45.5 million
TERMS: Grace period = 10 years; Maturity = 35 years
PROJECT DESCRIPTION: This project aims to reduce poverty and improve local-level governance in rural Indonesia. It is part of a long-term village level governance program that began with the First Kecamatan Project in 1998. Specific development objectives for the Third Kecamatan project include: (i) institutionalizing participatory processes in local government; (ii) the cost effective provision of basic social and economic infrastructure; (iii) strengthening the capacity of the micro-finance institutions developed under the first two projects to manage and monitor funds sustainably. For more information, please call Kimberly Versak at (202) 458-0352, fax at 522-3405, or e-mail kversak@worldbank.org.
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