ICBC contributes to RMB 2 billion syndicated buyer’s credit for 4G Network Expansion and 5G Network Trials Project (Linked to Record ID#95638)

CDB and ICBC contributions to 2 billion CNY syndicated buyer's credit for 4G Network Expansion and 5G Network Trials Project On April 30, 2019, ZTE Corporation and Smartfren Telecom Tbk — a subsidiary of Sinar Mas (an Indonesian conglomerate) — signed an agreement for the 4G Network Expansion and 5G Network Trials Project.

Merza Fachys, President Director of Smartfren, Gandi Sulistyanto, Chairman of Smartfren, Liang Weiqi, President Director of ZTE Indonesia, and Mei Zhonghua, Senior Vice President of ZTE, signed the agreement.

Then, in 2020, ICBC and China Development Bank Shenzhen Branch signed an RMB 2 billion syndicated buyer’s credit loan agreement with Smartfren Telecom Tbk for the 4G Network Expansion and 5G Network Trials Project.

However, it is known that the borrower purchased an RMB 79,365,600 buyer’s credit insurance policy from Sinosure on May 7, 2020 to cover approximately 95% of the value of the loan (RMB 1.885 billion).

The purpose of the project is to expand Smartfren’s existing 4G telecommunications network in Indonesia and deploy 5G networks on a trial basis. ZTE Corporation is the contractor responsible for project implementation.

Record ID#95638 captures the estimated financial commitment of China Development Bank, while Record ID#100676 captures the estimated financial commitment of ICBC.