China Eximbank participates in $595 million syndicated loan for Phase 2 of Well Harvest Winning Alumina Refinery Project (Linked to Record ID#38633, #62275, #70235)

Project narrative

On November 25, 2019, China Hongqiao Group Ltd. secured a syndicated working capital facility of $595 million for up to 10 years to finance the second phase of an alumina refinery expansion project, which was developed by PT Well Harvest Winning Alumina Refinery (PT WHW), a joint venture between China Hongqiao Group and Harita group. Participants in the syndicated loan include China Eximbank, the Jakarta Branch of Bank of China, PT Bank DBS Indonesia (as facility agent), DBS Bank Ltd., Oversea-Chinese Banking Corp. Ltd., Lembaga Pembiayaan Ekspor Indonesia, BNP Paribas, and PT Bank OCBC NISP Tbk. On November 28, 2019, the syndicated loan signing ceremony took place in Jakarta. The loan has a repayment period of 10 years starting on November 25, 2019 (which implies that the loan has no grace period). It is partially covered by an overseas investment insurance policy from China Export & Credit Insurance Corporation (Sinosure). China Eximbank’s estimated contribution is captured via Record ID#67852 and Bank of China’s estimated contribution is captured via Record ID#70235. The Phase 2 expansion involves increasing the refinery's capacity to 2 million tons annually, expansion of the existing thermal power plant, construction of a port, onshore loading facilities, and associated infrastructure. The third production line was completed and put into production in December 2021. A March 2022 report indicated that this project will be completed in the year of 2022. As of April 2025, there is no evidence that Phase 2 has been completed, including on the WHW Alumina Refinery site.