ICBC Indonesia contributes IDR 1 trillion to IDR 4 trillion syndicated loan for East Palapa Ring Package Fiber Optic Network Project
Commitment amount
$ 86121819.0737634
Adjusted commitment amount
$ 86121819.07
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Indonesia
Sector
Communications (Code: 220)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
Yes
Category
Project lifecycle
Description
On March 29, 2017, ICBC Indonesia and PT Palapa Timur Telematics (PTT) — a special purpose vehicle and subsidiary of PT Mora Telematics Indonesia (Moratelindo) — signed an IDR 4.004 trillion (approximately US$300 million) syndicated loan agreement with five banks [including ICBC Indonesia, PT Bank BNI (Persero), Bank Papua, Bank Maluku Malut and Bank Sulselbar] for the East Palapa Ring Package Fiber Optic Network Project. ICBC Indonesia contributed IDR 1 trillion to the loan syndicate. The purpose of the IDR 5.13 trillion project was to extend the reach of a broadband communications system to the regions and provinces of East Nusa Tenggara, Maluku, Papua and West Papua (with a total network length of 8,400 km). Construction began in July 2017. The project was completed on October 14, 2019.
Additional details
1. This project is also known as the Palapa Ring Broadband Project. The Indonesian project title is Proyek Palapa Ring Paket Timur. 2. PTT is also known as PT Palapa Timur Telematika. Moratelindo is a private Indonesian company.
Number of official sources
7
Number of total sources
13
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Bank Sulselbar [Private Sector]
PT Bank Negara Indonesia (Persero) [State-owned Bank]
Bank Papua [Private Sector]
Bank Maluku Malut [Private Sector]
Direct receiving agencies [Type]
PT Palapa Timur Telematika (PTT) [Joint Venture/Special Purpose Vehicle]