ICBC provides $20 million working capital loan to joint venture PT Ritel Bersama Nasional
Commitment amount
$ 21796994.957573533
Adjusted commitment amount
$ 21796994.96
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Indonesia
Sector
Business and other services (Code: 250)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
No
Category
Project lifecycle
Geography
Description
In 2018, the Corporate Banking branch of Bank ICBC Indonesia provided a working capital loan of US$20 million to PT Ritel Bersama Nasional (JD.ID). The facility will be used for the borrower's operational needs, mainly for inventory purchases. ICBC Indonesia's 2018 Annual Report states that this financing was carried out by Corporate Banking in 2018. The loan details of the project are unclear. Ritel Bersama Nasional is a joint venture between Jingdong group (JD.com), one of China's largest online Business-to-Consumer (B2C) retailers, and Provident Capital group, the largest investment company in Southeast Asia. Provident has investments across a variety of industries, including telecommunications, infrastructure, mining, real estate, plantation, and biofuels.
Number of official sources
1
Number of total sources
2
Details
Cofinanced
No
Direct receiving agencies [Type]
PT Ritel Bersama Nasional [Joint Venture/Special Purpose Vehicle]
Implementing agencies [Type]
Provident Capital [Private Sector]
Jingdong [Private Sector]