ICBC provides IDR 100 billion loan for Cement Plant Equipment and Machinery Acquisition Project
Commitment amount
$ 8873494.956271272
Adjusted commitment amount
$ 8873494.96
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Indonesia
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Geography
Description
On October 21, 2016, ICBC Indonesia and PT Semen Indonesia Beton (SIB) signed an IDR 100 billion fixed loan on installment (PTI) credit facility agreement. The borrower was to use the loan proceeds to finance the acquisition of heavy equipment, vehicles, machinery, and ancillary equipment for the batching plants. The facility has an availability period of 6 months, a maturity of 72 months (6 years), and an interest rate of 9.9%. The loan was collateralized with the batching plants, vehicles, and new heavy equipment that were to be purchased by the borrower (with minimum value of 125% of the limit PTI). The outstanding balances of loan as of March 31, 2018 and December 31, 2017 were IDR 97,197,544 and IDR 93,234,920, respectively.
Additional details
1. This project is also known as the Batching Plant Construction Project. PT . 2. Semen Indonesia Beton, which is a subsidiary of an Indonesian state-owned enterprise called PT. Semen Indonesia (Persero) Tbk, is a cement company.
Number of official sources
4
Number of total sources
4
Details
Cofinanced
No
Direct receiving agencies [Type]
PT Semen Indonesia Beton [State-owned Company]
Implementing agencies [Type]
PT Semen Indonesia Beton [State-owned Company]
Collateral
Batching plants, vehicles, and new heavy equipment that were to be purchased by the borrower (with minimum value of 125% of the limit PTI)
Loan Details
Maturity
6 years
Interest rate
9.9%
Grant element (OECD Grant-Equiv)
0.0%