Completed Commercial AidData Chinese Aid

China Construction Bank provides IDR 315 billion loan to PT Permodalan Nasional Madani for unspecified purposes (May 2023)

$22.5M USD

Funder	China Construction Bank Corporation (CCB)
Recipient Organization	PT Permodalan Nasional Madani (Persero) (PNM)
Country	Indonesia
Start Date	May 30, 2023
End Date	Jun 11, 2032
Duration	3,300 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`108343`

Grant Description

China Construction Bank provides IDR 315 billion loan to PT Permodalan Nasional Madani for unspecified purposes (May 2023) On May 30, 2023, PT Bank China Construction Bank Indonesia Tbk entered into an IDR 315 billion installment loan facility 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 unspecified purposes.

📋 Loan / Grant Terms

💰 Loan Amountcarried a maturity period of 12 months and a 6% interest rate

💹 Interest Rate6%

The borrower was required to adhere to 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%.

📋 Staff Comments

1. PT Bank Rakyat Indonesia (Persero) Tbk's 2023 Annual Financial statements both list the loan's maturity as 12 months and the maturity date as January 4, 2024 (i.e. only about 7 months after the loan start date on May 30, 2023). This discrepancy warrants further investigation.

📚 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 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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