ICBC contributes $52.5 million to syndicated loan for Procurement of 10 Electric Train Airport Railways Project
Commitment amount
$ 61992236.68881953
Adjusted commitment amount
$ 61992236.69
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Indonesia
Sector
Transport and storage (Code: 210)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Geography
Description
On February 15, 2016, ICBC Indonesia and PT Sarana Multi Infrastruktur (Persero) (“PT SMI”) signed a $53.3 million syndicated loan agreement with PT Industri Kereta Api (Persero) Tnk — an Indonesia state-owned rolling stock manufacturer — for the Procurement of 10 Electric Train Airport Railways Project. ICBC Indonesia ultimately disbursed $52.5 million in support of this project. The purpose of the project was to finance the procurement of 10 train sets — 5 train sets each of K1 [executive train class] and K3 [economy AC class] — for use on a 36.3 km railway from Soekarno-Hatta International Airport to Manggarai Train Station. Upon completion, it was envisaged that the ten train sets would operate for 16 hours a day and can up to 57,600 passengers per day. This was expected to reduce congestion in airport traffic and save fuel consumption. The trainsets were originally scheduled to be delivered in March 2017. The trainsets along the Soekarno-Hatta International Airport to Manggarai Train Station railway line were ultimately put into production on October 8, 2019.
Additional details
The Indonesian project title is Proyek Pembelian 10 Kereta Listrik Menuju Bandar Udara.
Number of official sources
3
Number of total sources
8
Details
Cofinanced
Yes
Cofinancing agencies [Type]
PT Sarana Multi Infrastruktur (Persero) (PT SMI) [State-owned Company]
Direct receiving agencies [Type]
PT Industri Kereta Api (INKA) [State-owned Company]
Implementing agencies [Type]
PT Industri Kereta Api (INKA) [State-owned Company]