Bank of China provides IDR 1,000,000,000,000 loan to PT SMI to support the financing of infrastructure investment projects
Commitment amount
$ 79270895.39778543
Adjusted commitment amount
$ 79270895.4
Constant 2021 USD
Summary
Funding agency [Type]
Bank of China (Jakarta Branch) [State-owned Commercial Bank]
Recipient
Indonesia
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
On December 18, 2019, Bank of China, Jakarta branch, signed an agreement with PT Sarana Multi Infrastruktur (Persero) (PT SMI), a Special Mission Vehicle (SMV) under the Indonesian Ministry of Finance, to provide a IDR 1,000,000,000,000 loan to support Persero's financing of infrastructure projects. The loan carries an interest rate of JIBOR plus an unspecified margin, with a 1 year tenor. The loan was scheduled to be withdrawn on June 26, 2020. The loan was uncollateralized and included financial covenants, including PT SMI's maintenance of a debt-to-equity ratio of a maximum of three times, and that the Government of Indonesia maintained a 51% stake in PT SMI. The infrastructure projects financed by the loan are unknown.
Additional details
1. Due to a lack of information on the margin added to the loan, AidData is unable to calculate the true interest rate for this loan. The 6-month JIBOR from December 18, 2019 was 5.66385%. For more information, see: https://www.bi.go.id/en/statistik/indikator/indonia.aspx
Number of official sources
4
Number of total sources
4
Details
Cofinanced
No
Direct receiving agencies [Type]
PT Sarana Multi Infrastruktur (Persero) (PT SMI) [State-owned Company]
Loan Details
Maturity
1 years