Overview

ICBC Indonesia contributes $6 million to $90 million syndicated loan to Garuda Indonesia for unspecified purposes (Linked to Record ID#66396)

Commitments (Constant USD, 2023)$6,203,828

Commitment Year•2013Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaOverseas Jurisdiction•IndonesiaSector•Unallocated/unspecifiedFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Feb 21, 2013

Start (actual): Feb 21, 2013

Last repayment (originally scheduled): Feb 21, 2015

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

Cofinancing agencies

Private Sector

PT Bank Central Asia Tbk (BCA)
PT Bank Pan Indonesia, Tbk (PaninBank) (Bank Panin)

State-owned Banks

Emirates NBD Bank P.J.S.C.

Receiving agencies

State-owned companies

PT Garuda Indonesia (Persero) Tbk

Loan description

ICBC contributions to USD 90 million syndicated loan to PT Garuda Indonesia (Persero) Tbk for unspecified purposes

Interest type•UnknownMaturity•2 years

Narrative

Full Description

Project narrative

On February 21, 2013, PT Garuda Indonesia (Persero) Tbk entered into a $90 million syndicated loan agreement with 4 banks -- including PT Bank Panin Tbk (contributing $20 million and Rp 213.378 billion), PT Bank ICBC Indonesia (contributing $6 million), PT Bank Central Asia Tbk (contributing Rp 213.378 billion), and Emirates NBD PJSC, Singapore Branch (contributing $20 million) -- for unspecified purposes. The loan had a term of 24 months from November 7, 2012 with principal payments at month 15, 18, 21, and 24. Citibank facilitated the loan. The amount outstanding as of December 31, 2013 was $45,640,043 for syndicated loan III in USD and $34,620,710 (Rp 421,991,834,190 ) for syndicated loan III in Indonesian rupiah.

Staff comments

1. This loan up-sized a previous November 2012 loan (as captured via Record ID#66396). Syndicated loan III is the result of a Syndicated Loan II ceiling increase. 2. The Government of Indonesia holds a 60.54% equity stake in Garuda Indonesia (the flag carrier of Indonesia).