Completed Commercial AidData Chinese Aid

China Construction Bank provides IDR 270 billion loan to PT Permodalan Nasional Madani for working capital and on-lending purposes

$19.29M USD

Funder	China Construction Bank Corporation (CCB)
Recipient Organization	PT Permodalan Nasional Madani (Persero) (PNM)
Country	Indonesia
Start Date	Jun 30, 2022
End Date	Aug 25, 2033
Duration	4,074 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`105173`

Grant Description

China Construction Bank provides IDR 270 billion loan to PT Permodalan Nasional Madani for working capital and on-lending purposes On June 30, 2022, PT Bank China Construction Bank Indonesia Tbk entered into an IDR 270,000,000,000 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.

📋 Loan / Grant Terms

💰 Loan Amountcarried a maturity period of 12 months (1 year)

The borrower was required to maintain a quality of collateral coverage ratio of at least 100%, a gearing ratio of a maximum of 8 times, and a non-performing loan Mekaar maximum of 3%.

The proceeds were to be used by the borrower as additional working capital for on-lending to Micro, Small and Medium Enterprises (MSMEs).

📋 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
PT Bank Rakyat Indonesia (Persero) Tbk and its Subsidiaries Consolidated financial statements as of December 31, 2023 and for the year then ended with independent auditor’s report 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.