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Indonesia to allocate $537.1 million to rejuvenate fishery sector

Staff writer |
Several banks and non-bank institutions have pledged to jointly provide loans totaling 7.15 trillion rupiah ($537.1 million) to help fishermen renewing their operation equipment this year.

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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.

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 ($1.3 billion) last year, or only 0.49 percent from overall loans provided by those institutions 3,600 trillion rupiah ($270 billion).

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.

The NPL ratio in fishery sector was 4.5 percent in 2012 and continued to reduce to 2.81 percent in 2014.

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