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Overview

Bank of China provides $100 million loan to Garuda Indonesia for general purpose needs

Commitments (Constant USD, 2023)$104,619,838
Commitment Year•2015Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 11, 2015

Geospatial footprint

Map overview

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On December 11, 2015, Garuda Indonesia — an Indonesian state-owned airline company — signed a $100 million loan agreement with Bank of China to support the company’s general-purpose needs. The borrowing terms of the loan are unknown. The outstanding loan amounts as of March 31, 2018, December 31, 2017, December 31, 2016 and December 31, 2015, amounted to $67,500,000, $69,500,000, $50,000,000 and $50,000,000, respectively. On March 31, 2018, Garuda Indonesia had met the financial ratio requirement of the Bank of China loan agreement. For more detailed location info: https://www.openstreetmap.org/way/1144439156

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

  • Bank of China (BOC)

Receiving agencies

State-owned companies

  • PT Garuda Indonesia (Persero) Tbk

Loan description

Bank of China provides $100 million loan to Garuda Indonesia for general purpose needs

Interest type•Unknown

Narrative

Full Description

Project narrative

On December 11, 2015, Garuda Indonesia — an Indonesian state-owned airline company — signed a $100 million loan agreement with Bank of China to support the company’s general-purpose needs. The borrowing terms of the loan are unknown. The outstanding loan amounts as of March 31, 2018, December 31, 2017, December 31, 2016 and December 31, 2015, amounted to $67,500,000, $69,500,000, $50,000,000 and $50,000,000, respectively. On March 31, 2018, Garuda Indonesia had met the financial ratio requirement of the Bank of China loan agreement.

Staff comments

1. The Government of Indonesia holds a 60.54% ownership stake in Garuda Indonesia.