Indonesia gets the creative juices flowing
Posted on 09 October, 2015 by Mark Chatterley, reporter
Organisations in the country band together to support the country's creative industry amid an economic slowdown.
Indonesia-based state-owned financial institution Indonesia Eximbank is among the signatories of a memorandum of understanding to support the country’s creative industry, according to a report in the Jakarta Post.
The memorandum was also signed by the Indonesian Financing Firms Association and the Indonesian Association of Insurance Companies.
Suwandi Wiratno, chairman of the Indonesian Financing Firms Association, said at least ten private financing firms were on board to provide up to Rp 500bn ($36m) in funding to creative projects and startups.
Indonesia’s Financial Services Authority hopes the initiative will help the creative industry sector grow while the country is in an economic slowdown.
Muliaman Hadad, head of the Financial Services Authority, said: “The venture capital will be managed by a legal entity that we expect to be officially established by the year’s end.”
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