(Insider Stories) – The International Finance Corporation increased financing extended to Indonesia by almost 50% to US$438 million in fiscal year of 2013 from a year-earlier figure of $300 million, with the World Bank group's financing arm expected to finance as many as 12 economic projects in Indonesia this year.

IFC country manager for Indonesia Sarvesh Suri said US$336 million, over half of IFC's financing in Indonesia, has been extended to the manufacturing, agribusiness and services sectors. Infrastructure has absorbed US$58 million, while the financial sector has taken in US$44 million. 

IFC helped provide clean water for about 1.8 million residents in Tangerang city through PT Moya Indonesia and also supported an expansion at yarn manufacturing company PT Indo-Rama Synhetics (INDR.IJ),  food, beverage and household cleaning product maker PT Wings Corp., and microfinance provider PT Mitra Bisnis Keluarga Ventura. 

IFC also assisted Bank Indonesia to establish guidelines for its designated agents, who are authorized to conduct certain transactions to expand banking services in rural areas.  

 According to IFC Vice President for Asia and the Pacific Karin Finkelston, IFC's total investment in East Asia Pacific reached US$3.4 billion in 83 projects, up around 15 percent from fiscal year of 2012. Indonesia ranked third after China and Vietnam, in terms of IFC's investment volume in the region.