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Overview

ICBC Indonesia contributes IDR 1 trillion to IDR 4 trillion syndicated loan for East Palapa Ring Package Fiber Optic Network Project

Commitments (Constant USD, 2023)$79,529,172
Commitment Year•2017Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaOverseas Jurisdiction•IndonesiaSector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 29, 2017
Start (actual)
Jul 1, 2017
End (actual)
Oct 14, 2019

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

  • PT Bank ICBC Indonesia

Cofinancing agencies

Private Sector

  • Bank Maluku Malut
  • Bank Papua
  • Bank Sulselbar

State-owned Banks

  • PT Bank Negara Indonesia (Persero)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • PT Palapa Timur Telematika, Tbk. (PTT)

Loan desecription

ICBC contributions to IDR 4 trillion syndicated loan for East Palapa Ring Package Fiber Optic Network Project

Interest type•Unknown

Narrative

Full Description

Project narrative

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.

Staff comments

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.