IFC sets aside $300m to invest in Indonesia’s tourism-related firms

Photo: Aqua Expeditions

The International Finance Corporation or IFC, a member of the World Bank Group, has committed to invest up to $300 million in companies engaged in tourism-related sectors in Indonesia, a top executive told DEALSTREETASIA on Wednesday.

The commitment figure is set for the fiscal year July 2019-June 2020.

“We target to have $300 million for our pipeline, which we want to invest in the companies. We cannot disclose the name of the companies yet, but they mostly operate to develop a tourism business in Indonesia,” IFC’s country manager for Indonesia, Malaysia, and Timor, Leste Azzam Khan, said.

IFC also approved a $10-million loan package for Singapore-headquartered boutique river cruise company Aqua Expeditions for its Indonesia expansion.

Founded in 2007, Aqua Expeditions operates soft-adventure cruises in emerging market destinations. It currently operates two boats – cruising across Cambodian Mekong and Peruvian Amazon rivers.

The company will use the debt package to add another boat, offering coastal luxury cruise service in the eastern part of Indonesia, such as in Ambon (Maluku), Raja Ampat (Papua), Maumere (Flores), Komodo Island and Labuan Bajo (East Nusa Tenggara) or the so-called ‘ten new Balis.’

The Indonesian government has been actively promoting the ‘ten new Balis’ tourism programme to develop several destinations beyond the most popular tourist Island of Bali. Indonesian tourism could also potentially generate $20 billion in foreign exchange revenue throughout this year, according to the government estimates.

Last year, the tourism sector contributed $16.1 billion in foreign exchange revenue.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.