Published: 02/17/2006 12:00 AM (UAE) Dubai Islamic Bank denies Jakarta monorail funding deal Staff Report
Dubai: Dubai Islamic Bank has taken no decision to fund the Indonesian capital's first monorail project as reported yesterday. A wire agency quoting an Indonesian daily newspaper said Dubai Islamic Bank had agreed to fund the project, removing financial hurdles that have dogged the plan from the outset. It said Dubai Islamic Bank will provide credit worth $500 million to finance the project. "The DIB clarifies that it has made no decision or commitment to finance or arrange financing for the mentioned project," the statement read. "I have received an official letter from Dubai Islamic Bank. The monorail project should be completed soon. We need to work night and day," Jakarta governor Sutiyoso was quoted as saying in the Kompas report. Sukmawati Syukur, a director for Jakarta Monorail, confirmed the agreement, the newspaper said. It did not provide details of the loan. The 27-kilometre monorail project was inaugurated in June 2004 by then-president Megawati Suk-arnoputri but work has been hampered by a lack of money and wrangling over what technology to use. Two lines will serve Jakarta's business districts and outer areas, and are expected to carry up to 270,000 passengers a day. The first line is supposed to be completed by 2007. Last year the project changed hands again in a fresh deal with a consortium of Indonesian companies who will employ cheaper "straddle" wheels-on-rails technology instead of the magnetic levitation technology earlier proposed. Unlike most other major Asian cities, Jakarta has no subway or light railway system. http://www.gulfnews.com/business/Banking_and_Finance/10019451.html Post message: [EMAIL PROTECTED] Subscribe : [EMAIL PROTECTED] Unsubscribe : [EMAIL PROTECTED] List owner : [EMAIL PROTECTED] Homepage : http://proletar.8m.com/ Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/proletar/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
