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Overview

ICBC Indonesia provides IDR 1 trillion loan to BTN for One Million Housing Program (Linked to Record ID#49804)

Commitments (Constant USD, 2023)$78,144,323
Commitment Year•2015Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaOverseas Jurisdiction•IndonesiaSector•Other Social Infrastructure And ServicesFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2015
Start (actual)
Apr 30, 2015

Geospatial footprint

Map overview

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On September 16, 2015, ICBC Indonesia and Bank Tabungan Negara (BTN) — an Indonesia state-owned commercial bank — signed an IDR 1 trillion (or its equivalent in RMB) bilateral loan facility agreement to support the One Million Housing Program. The borrowing terms of the loan are unknown. For more detailed location information: https://www.openstreetmap.org/relation/2388357

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

Receiving agencies

State-owned Banks

  • Bank Tabungan Negara (BTN)

Loan desecription

ICBC Indonesia provides IDR 1 trillion loan to BTN for One Million Housing Program

Interest type•Unknown

Narrative

Full Description

Project narrative

On September 16, 2015, ICBC Indonesia and Bank Tabungan Negara (BTN) — an Indonesia state-owned commercial bank — signed an IDR 1 trillion (or its equivalent in RMB) bilateral loan facility agreement to support the One Million Housing Program. The borrowing terms of the loan are unknown. The purpose of this Government of Indonesia’s One Million Housing Program, which was launched on April 30, 2015 in Central Java by President Joko Widodo, is to provide at least 1 million provide adequate housing facilities to low income citizens. Over half of these houses were to be built using funds from the country’s government budget. Government funding was also be used to finance the Housing Loan Liquidity Facility, government-backed mortgages for low-income people. As of 2020, 5.4 million housing units had been built under the Program, 70 percent of which were designated for housing for low-income individuals. In 2023, 1.21 million residential units were built. In total, 9.2 million housing units were built between 2015 and 2023 with progress still ongoing.

Staff comments

1. On April 30, 2015, ICBC Indonesia and Bank Tabungan Negara (BTN) also signed memorandum of understanding (MOU) on possible housing financing cooperation worth up to RMB 5 billion (or IDR 10 trillion) over the following three years (captured in Record ID#49804).