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China Construction Bank provides IDR 250 billion loan to PT Permodalan Nasional Madani for working capital and on-lending purposes
| Funder | China Construction Bank Corporation (CCB) |
|---|---|
| Recipient Organization | PT Permodalan Nasional Madani (Persero) (PNM) |
| Country | Indonesia |
| Start Date | Jun 23, 2021 |
| End Date | Aug 20, 2029 |
| Duration | 2,980 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 105171 |
Grant Description
China Construction Bank provides IDR 250 billion loan to PT Permodalan Nasional Madani for working capital and on-lending purposes On June 23, 2021, PT Bank China Construction Bank Indonesia Tbk entered into an IDR 250,000,000,000 Working Capital Credit Facility agreement with PT Permodalan Nasional Madani (Persero) (PNM) — an Indonesian state-owned microfinancing company and subsidiary of PT Bank Rakyat Indonesia (Persero) Tbk, an Indonesian state-owned bank — for working capital and on-lending purposes.
The proceeds were to be used by the borrower as additional working capital for on-lending to Micro, Small and Medium Enterprises (MSMEs). As of December 31, 2022, the loan had been repaid.
Staff Comments
1. BRI is the oldest bank in Indonesia, tracing back since 1895. It is currently 53% government owned operating company (Persero) and has been government-owned for the entire period since the war of independence (1945 to 1949) to November 2003, when 30% of its shares were sold through an IPO.
Sources & References
- PT Bank Rakyat Indonesia (Persero) Tbk and its Subsidiaries Consolidated financial statements as of December 31, 2022 and for the years then ended with independent auditors’ report
- PT Bank Rakyat Indonesia (Persero) Tbk and its Subsidiaries Interim consolidated financial statements as of March 31, 2023 and for the three-month period then ended Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
PT Permodalan Nasional Madani (Persero) (PNM)
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