Overview

ICBC provides $20 million working capital loan to joint venture PT Ritel Bersama Nasional

Commitments (Constant USD, 2023)$20,125,926

Commitment Year•2018Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2018

Start (actual): Jan 1, 2018

End (actual): Dec 31, 2018

Geospatial footprint

Map overview

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The project provides financing to PT Ritel Bersama Nasional, which is headquartered in the RDTX Building in Jakarta, Indonesia. More detailed locational information can be found at https://www.openstreetmap.org/way/121158379

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% Chinese ownership

Funding agencies

State-owned Commercial Banks

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

PT Ritel Bersama Nasional (JD.ID)

Implementing agencies

Private Sector

JD.com (Jingdong Group)
PT Provident Capital Indonesia

Loan description

ICBC provides $20 million working capital loan to joint venture PT Ritel Bersama Nasional

Interest type•Unknown

Narrative

Full Description

Project narrative

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.