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Overview

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

Commitments (Constant USD, 2023)$80,744,386
Commitment Year•2020Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2020
End (actual)
Aug 1, 2020

Geospatial footprint

Map overview

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The purpose of the project is 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, East Java Province, Indonesia. More detailed locational information can be found at https://www.openstreetmap.org/way/1066218468

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% Chinese ownership

Funding agencies

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • PT Semen Imasco Asiatic Raya (印尼任抹红狮水泥有限公司)

Loan description

China Eximbank contributions to 540 million CNY syndicated loan tranche for Jember Cement Plant Construction Project

Interest type•Unknown

Narrative

Full Description

Project narrative

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.

Staff comments

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.