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

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.

Additional details

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 Project ID#49804).

Number of official sources

4

Number of total sources

7