Overview

ICBC provides $160 million loan to Innovate Mas Indonesia for fiber-to-home projects

Commitments (Constant USD, 2023)$167,391,741

Commitment Year•2015Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaSector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Apr 30, 2015

First repayment (originally scheduled): Apr 29, 2018

Last repayment (originally scheduled): Apr 28, 2023

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

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

Innovate Mas Indonesia

Implementing agencies

Joint Venture/Special Purpose Vehicles

Innovate Mas Indonesia

Loan description

ICBC provides $160 million loan to Innovate Mas Indonesia for fiber-to-home projects

Grace period•3 yearsGrant element•23.2386%Interest rate (t₀)•4.1079%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•8 years

Narrative

Full Description

Project narrative

On April 30, 2015, ICBC signed a $160 million loan facility agreement with Innovate Mas Indonesia (IMI) — a subsidiary of PT Dian Swastatika Sentosa Tbk — for ‘fiber-to-home (telecommunication) projects. The loan carries an 8 year maturity, 3 year grace period, and an interest rate of 6-month LIBOR (.405% in April 2015) plus a 3.7% margin.

Staff comments

1. The Chinese project title is 之 FTTH 网络建设项目. 2. PT Dian Swastatika Sentosa Tbk is itself a subsidiary of Sinar Mas Group (a private company). 3. One official source refers to the face value of the loan as $55,948,793. This issue merits further investigation