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China Construction Bank provides IDR 315 billion loan to PT Permodalan Nasional Madani for working capital and on-lending purposes (January 2023)
| Funder | China Construction Bank Corporation (CCB) |
|---|---|
| Recipient Organization | PT Permodalan Nasional Madani (Persero) (PNM) |
| Country | Indonesia |
| Start Date | Jan 04, 2023 |
| End Date | Oct 14, 2028 |
| Duration | 2,110 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 108342 |
Grant Description
China Construction Bank provides IDR 315 billion loan to PT Permodalan Nasional Madani for working capital and on-lending purposes (January 2023) On January 4th, 2023, PT Bank China Construction Bank Indonesia Tbk entered into an IDR 315 billion 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 borrower was required to maintain the following financial covenants: maintain a quality of collateral coverage ratio of at least 100%, maintain a gearing ratio of a maximum of 8x, and maintain 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).
Sources & References
- 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 Interim consolidated financial statements as of June 30, 2023 and for the six-month period then ended with report on review of financial information
- 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.
All Grantees
PT Permodalan Nasional Madani (Persero) (PNM)
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