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Eximbank, Export Development Canada to co-finance Indonesia power project

The Hungarian Export-Import Bank (EXIM) and export credit agency Export Development Canada (EDC) will jointly finance a project to build eight mobile power plants using General Electric (GE) technology for Indonesiaʼs state-owned electricity company, Hungaryʼs Ministry of Foreign Affairs and Trade said today, according to Hungarian news agency MTI.

In connection with the agreement, the annual value of bilateral trade between Hungary and Indonesia will multiply, with Hungary becoming Indonesiaʼs number one trading partner from the Central and East European region, the ministry said. 

As part of the project co-financed by EXIM and EDC, 500 MW power plants will be built in Indonesia, fitted with TM2500 gas turbines made by GE mostly in Hungary, to provide electricity for about four million households.

EXIM CEO Zoltán Urbán said 15 of the 20 GE turbines to be fitted into the power plants were made in Hungary, which considerably increases Hungarian exports to Indonesia. Machinery exports financed by EXIM boost Hungaryʼs GDP by more than HUF 25 billion, Urbán added.