Active Mixed AidData Chinese Aid

ICBC Leasing contributes to $195 million loan to PT Indah Kiat Pulp & Paper Tbk for acquisition of machinery

$97.5M USD

Funder	ICBC Financial Leasing Co., Ltd. (ICBCFL) (ICBC Leasing)
Recipient Organization	PT Indah Kiat Pulp & Paper Tbk
Country	Indonesia
Start Date	Jan 01, 2015
End Date	Oct 02, 2032
Duration	6,484 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`109837`

Grant Description

ICBC Indonesia and ICBC Leasing $195 million club loan to PT Indah Kiat Pulp & Paper Tbk for acquisition of machinery In 2015, ICBC Indonesia and ICBC Leasing signed a $195 million club loan agreement with PT Indah Kiat Pulp & Paper Tbk — a subsidiary of Asia Pulp & Paper (APP), which is itself a subsidiary of Sinar Mas Group (or Sinarmas Group) — for the purchase of machinery.

📋 Staff Comments

PT. Purinusa Ekapersad is the parent company of PT Indah Kiat Pulp & Paper Tbk and a part of Sinar Mas Group. PT. Purinusa Ekapersada holds a 52.72% ownership stake and Masyarakat has 47.28% ownership stake in PT. Indah Kiat Pulp & Paper Tbk.
The individual contributions of each bank to the club loan is unspecified. For the time being, AidData assumed that each bank provided equal contributions ($97.5 million).

📚 Sources & References

Annual Report 2015
SUPPORTING AND SERVICING INDONESIA ECONOMY
PT. Indah Kiat Pulp & Paper Tbk. ANNUAL REPORT 2016
Consolidated Financial Statements With Independent Auditor's Report For the Years Ended December 31, 2016 and 2015
Indah Kiat 2015 Annual 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 Indah Kiat Pulp & Paper Tbk

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