Overview

ICBC Indonesia provides a IDR 100 billion loan to PT MNC Finance for working capital purposes

Commitments (Constant USD, 2023)$8,196,541

Commitment Year•2016Country 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: Jan 1, 2016

Last repayment: Dec 30, 2020

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

Private Sector

PT MNC Finance (MNCF)

Collateral providers

Private Sector

PT MNC Finance (MNCF)

Loan desecription

ICBC Indonesia provides a IDR 100 billion loan to PT MNC Finance for working capital purposes

Grant element•0%Interest rate (t₀)•12%Interest type•Fixed Interest RateMaturity•5 years

Collateral

This loan was secured by consumer financing receivables equivalent to 120% of the outstanding loan balance

Narrative

Full Description

Project narrative

In 2016, PT Bank ICBC Indonesia entered into a IDR 100,000,000,000 loan agreement with PT MNC Finance (MNCF) — an Indonesian company focused on consumer financing that is 99.99% owned by PT MNC Kapital Indonesia Tbk, an Indonesian financial service provider — for working capital purposes. This loan carried a final maturity of December 23, 2021 (an approximate maturity of 5 years) and an interest rate of 12.00% per annum. This loan was secured by (i.e. collateralized against) consumer financing receivables equivalent to 120% of the outstanding loan balance. As of December 31, 2016, IDR 74,868,000,000 was outstanding under the loan. As of December 31, 2017, IDR 73,449,000,000 was outstanding under the loan.

Staff comments

1. "PT MNC Kapital Indonesia Tbk Laporan Tahunan Annual Report 2016" lists June 23, 2022 was the maturity date, while "PT MNC Kapital Indonesia Tbk 2017 Laporan Tahunan Annual Report" lists December 23, 2021 as the maturity date. AidData assumes the latter, the more recent source, is correct. It is unclear whether this was an error or there was a renegotiation of the loan terms. This issue merits further investigation.