Overview

PT Bank ICBC Indonesia signs loan agreement with PT Medco Energi Internasional Tbk (MedcoEnergi) in February 2011 to roll over working capital credit facility

Commitments (Constant USD, 2023)$11,364,971

Commitment Year•2011Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaOverseas Jurisdiction•IndonesiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Feb 1, 2011

Last repayment (originally scheduled): Feb 25, 2012

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 Medco Energi Internasional Tbk

Loan description

PT Bank ICBC Indonesia signs loan agreement with PT Medco Energi Internasional Tbk (MedcoEnergi) in February 2011 to roll over working capital credit facility

Interest type•Unknown

Narrative

Full Description

Project narrative

In February 2011, PT Bank ICBC Indonesia signed a loan agreement with PT Medco Energi Internasional Tbk (MedcoEnergi) — an Indonesian oil and gas company — for refinancing purposes. The loan proceeds were to be used to roll over a matured working capital credit facility amounting to $10 million USD. The terms of the loan and its allocation to “roll over” another facility suggests that ICBC may have refinanced or extended the maturity of an older loan provided in 2010. While confirmation of this older loan is unavailable, it is likely that ICBC provided an earlier loan and the facility captured in this project has refinancing/extension purposes. The loan is unsecured and will mature on February 25, 2012. Other borrowing terms of the loan are unknown.

Staff comments

1. AidData has inferred the existence of the 2010 loan as ICBC rolled it over.