Overview

Bank of China provides IDR 1,000,000,000,000 loan to PT SMI to support the financing of infrastructure investment projects

Commitments (Constant USD, 2023)$73,233,170

Commitment Year•2019Country 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: Dec 18, 2019

Last repayment (originally scheduled): Dec 17, 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

Bank of China (BOC)

Receiving agencies

State-owned companies

PT Sarana Multi Infrastruktur (Persero) (PT SMI)

Loan description

Bank of China provides IDR 1,000,000,000,000 loan to PT SMI to support the financing of infrastructure investment projects

Interest type•UnknownMaturity•1 years

Narrative

Full Description

Project narrative

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 The loan was scheduled to be withdrawn on June 26, 2020.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.

Staff comments

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