ICBC Indonesia contributes $52.5 million to syndicated loan for Procurement of 10 Electric Train Airport Railways Project

Project narrative

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.