Overview

China Construction Bank Indonesia provides IDR 430 billion loan to PT Mandiri Tunas Finance for unspecified purposes

Commitments (Constant USD, 2023)$27,357,058

Commitment Year•2022Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaOverseas Jurisdiction•IndonesiaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jun 16, 2022

Start (actual): Jun 16, 2022

Last repayment (originally scheduled): Jun 15, 2025

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

PT Bank China Construction Bank Indonesia

Receiving agencies

State-owned companies

PT Mandiri Tunas Finance (MTF)

Loan description

China Construction Bank Indonesia provides IDR 430 billion loan to PT Mandiri Tunas Finance for unspecified purposes

Grant element•3.9222%Interest rate (t₀)•6.8%Interest type•Fixed Interest RateMaturity•3 years

Narrative

Full Description

Project narrative

On June 16, 2022, PT Mandiri Tunas Finance (MTF) — an Indonesian subsidiary of PT Bank Mandiri (Persero) Tbk an Indonesian state-owned bank (51% shareholding) — and China Construction Bank Indonesia signed a non-revolving credit agreement amounting to IDR billion. MTF made drawdowns on July 15, 2022 with a tenor (maturity) of 3 years and an interest rate of 6% to 7.6%. The facility was originally scheduled to mature on July 15, 2025.

Staff comments

1. For the time being, AidData has estimated the all-in interest rate as the midpoint of the 6% to 7.6% range. This issue warrants further investigation.