China Eximbank provides $31 million loan for Sokon Car Factory Project
Commitment amount
$ 35722482.86765019
Adjusted commitment amount
$ 35722482.87
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Indonesia
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
Yes
Category
Project lifecycle
Geography
Description
In 2017, China Eximbank and PT. Sokonindo Automobile — a special purpose vehicle and joint venture between Sokon Group (Hong Kong) Company Limited and PT Kaisar Motorindo Industri — signed a $31 million loan agreement for the Sokon Car Factory Project. The loan carries a 7-year maturity. Its other borrowing terms are unknown. The purpose of the $150 million project was to construct an automobile manufacturing plant in a 20 hectare area within an industrial zone (known as Kawasan Industri Modern) in Serang Regency and Banten Province that is capable of producing the Dongfeng Sokon (DFSK). The facility’s production activities include stamping, welding, painting and assembly. It was designed to have production a capacity of 50,000 units per year by 2019. Construction began in 2015. The plant’s opening ceremony took place on November 28, 2017.
Additional details
1. The Chinese project title is 小康集团印尼工厂汽车项目 or 小康印尼乘用化改造项目.
Number of official sources
6
Number of total sources
8
Details
Cofinanced
No
Direct receiving agencies [Type]
PT. Sokonindo Automobile [Joint Venture/Special Purpose Vehicle]
Loan Details
Maturity
7 years