ICBC contributed Rp400B to syndicated financing of Semanan – Sunter – Pulogebang Toll Road in Indonesia

On November 28, 2018, ICBC Indonesia participated in syndicated financing to PT JTD Jaya Pratama for Rp400 billion from a total syndicated financing of Rp14.5 trillion for the construction of Semanan – Sunter – Pulogebang toll road. According to JTD President Director Frans Sunito, the loan syndicate consists of 29 banks, the tenor is 15 years with an interest rate of 11 percent for development and 10.75 percent interest at the time of operation. The construction of the 31.16 km toll road will be divided into 3 (three) sections, namely: Section A (Kelapa Gading – Pulo Gebang Section) spanning 9.30 kilometers, Section B (Semanan – Grogol Section) spanning 9.50 kilometers, and Section C (Grogol – Kelapa Gading Section) spanning 12.4 kilometers. PT JTD Jaya Pratama is a project company for PT Jakarta Tollroad Development (JTD), a consortium founded by 12 companies with the majority owned by PT Pembangunan Jaya. This is Phase 1 of the Jakarta Elevated Toll Road. Construction started in February 2017 and was set to be complete by 2022 ("Jakarta Elevated Toll Road"). The Jakarta Elevated Toll Road is comprised of 6 elevated toll roads in Jakarta with a public transportation lane and connected to Jakarta Inner Ring Toll Road with a total length of 69.77 kilometers. The entire project is broken down into three phases. Phase 2 (Duri Pulo—Kampung Melayu spanning 12.65 kilometers and Kemayoran—Kampung Melayu spanning 9.60 kilometres) is targeted to be in operation by early 2021. Phase 3 (Ulujami—Tanah Abang spanning 8.70 kilometers and Pasar Minggu—Kasablanca spanning 9.16 kilometers) is set to be operational by mid-2022. On August 23, 2021, President Joko Widodo inaugurated the Section A (Kelapa Gading - Pulo Gebang) toll road. Minister of Public Works and Public Housing (PUPR) Basuki Hadimuljono also updated that the construction of Sections B & C of Phase 1 is targeted to be completed in 2024. The construction of this toll road was previously targeted for completion in 2019 but has stalled due to several problems. First, land acquisition in urban areas, relocation of high-voltage air lines (SUTT - 150 Kv), and other utilities such as gas pipelines, clean water pipes, medium-voltage cable lines, and distribution/network lines. Head of BPJT of the PUPR Ministry, Danang Parikesit, stated that the Covid-19 pandemic in early March 2020 and the implementation of Large-Scale Social Restrictions (PSBB) in DKI Jakarta have also affected the speed of implementation of construction work in the field.

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