MANILA, Oct. 15 (Xinhua) -- The Asian Development Bank (ADB) said on Wednesday that it has approved a 500-million-U.S.-dollar policy-based loan to further strengthen Indonesia's competitiveness, promote green growth, and accelerate trade through the third subprogram of the Competitiveness, Industrial Modernization, and Trade Acceleration Program (CITA).

"Indonesia is committed to achieving high-income status by 2045, which requires sustained economic growth and structural transformation," said ADB Country Director for Indonesia Jiro Tominaga.

The reforms under CITA subprograms will help attract greater investment in green and sustainable businesses, reduce trade barriers, and empower local enterprises, particularly those owned by women, said Tominaga.

The program fosters an enabling environment for investments, eases trade barriers, upscales enterprises, and enhances Indonesia's efforts to develop green industries in response to climate risks, the ADB said.

The third subprogram builds on the momentum of the previous two subprograms, the ADB added. ■