Overview

ICBC Indonesia provides $380 million term loan to Indonesia Eximbank for on-lending purposes in September 2020

Commitments (Constant USD, 2023)$392,058,852

Commitment Year•2020Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaOverseas Jurisdiction•IndonesiaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Sep 24, 2020

Start (actual): Sep 24, 2020

Last repayment (originally scheduled): Sep 23, 2025

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

PT Lembaga Pembiayaan Ekspor Indonesia (LPEI)

Implementing agencies

State-owned Banks

PT Lembaga Pembiayaan Ekspor Indonesia (LPEI)

Loan description

ICBC Indonesia provides $380 million term loan to Indonesia Eximbank for on-lending purposes in September 2020

Interest type•Variable Interest RateLoan tenor•3-month rateMaturity•5 years

Narrative

Full Description

Project narrative

On September 24, 2020, Lembaga Pembiayaan Ekspor Indonesia (Indonesia Eximbank or LPEI) — an Indonesia state-owned bank — signed a $380 million term loan agreement with PT Bank ICBC Indonesia, a subsidiary of the Industrial and Commercial Bank of China Limited (ICBC) for on-lending purposes. During the signing of the loan agreement, the LPEI was represented by Agus Windiarto and Henry Sihotang, and the ICBC was represented by Thomas Arifin, Director of PT Bank ICBC Indonesia. The signing ceremony was held at Indonesia Eximbank's Head Office in Jakarta. The loan carries the following borrowing terms: a 5-year maturity and an interest rate of 3-month LIBOR plus an unspecified margin. The lender disbursed $150 million on September 29, 2020 and $100 million on November 19, 2020. The final maturity dates of these two borrowings are September 29, 2025 and November 19, 2025, respectively. The loan is expected to help the growth of export through financing disbursement to export-oriented sectors. The agreement was announced on the same day as a China Eximbank loan to the LPEI. Please see #96330 for more information on that loan.