China Eximbank participates in RMB 540 million loan tranche for Jember Cement Plant Construction Project

In 2020, China Eximbank signed an RMB 540 million syndicated loan agreement with PT Semen Imasco Asiatic Raya (印尼任抹红狮水泥有限公司) — a wholly-owned special purpose vehicle and joint venture of Hongshi Holding Group — for the Jember Cement Plant Construction Project. The purpose of the IDR 5 trillion ($336.9 million) project was to construct an 8,000 tons-per-day (tpd) cement plant — also known as a clinker cement production line or dry-process production facility — in Puger Wetan village, Jember County, and East Java Province. The factory was to be supplied by a 100 metric ton limestone deposit. The project also involved the installation of a 12MW waste heat recovery system. An official commissioning ceremony took place on May 8, 2020. However, the cement plant was not fully operational until August 2020.

Additional details

1. The Chinese project title is 印尼任抹红狮水泥项目 or 印尼任抹红狮水泥有限公司 · 印尼东加里曼丹项目 or 印尼任抹红狮日产8000吨水泥项目. 2. For the time being, AidData assumes that all members of the loan syndicate are Chinese state-owned banks. This issue warrants further investigation. 3. A cooperation agreement for the Jember Cement Plant Construction Project was signed (http://www.cbminfo.com/mobile/_470515/_1577016/6675744/index.html) on June 8, 2017. However, the parties to the agreement are unknown. This issue warrants further investigation.

Number of official sources

5

Number of total sources

14