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ICBC Indonesia contributes $52.5 million to syndicated loan for Procurement of 10 Electric Train Airport Railways Project
| Funder | PT Bank ICBC Indonesia |
|---|---|
| Recipient Organization | PT Industri Kereta Api (INKA) |
| Country | Indonesia |
| Start Date | Feb 15, 2016 |
| End Date | Aug 24, 2031 |
| Duration | 5,669 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 61313 |
Grant Description
ICBC contributions to USD 53.3 million syndicated loan for Procurement of 10 Electric Train Airport Railways Project On February 15, 2016, ICBC Indonesia and PT Sarana Multi Infrastruktur (Persero) (“PT SMI”) signed a $53.3 million syndicated loan agreement with PT Industri Kereta Api (Persero) Tnk — an Indonesia state-owned rolling stock manufacturer — for the Procurement of 10 Electric Train Airport Railways Project.
ICBC Indonesia ultimately disbursed $52.5 million in support of this project.
The purpose of the project was to finance the procurement of 10 train sets — 5 train sets each of K1 [executive train class] and K3 [economy AC class] — for use on a 36.3 km railway from Soekarno-Hatta International Airport to Manggarai Train Station.
Upon completion, it was envisaged that the ten train sets would operate for 16 hours a day and can up to 57,600 passengers per day. This was expected to reduce congestion in airport traffic and save fuel consumption. The trainsets were originally scheduled to be delivered in March 2017.
The trainsets along the Soekarno-Hatta International Airport to Manggarai Train Station railway line were ultimately put into production on October 8, 2019.
Staff Comments
The Indonesian project title is Proyek Pembelian 10 Kereta Listrik Menuju Bandar Udara.
Sources & References
- SUPPORTING AND SERVICING INDONESIA ECONOMY
- Annual Report Bank ICBC Indonesia
- Industri Kereta Api
- PT SMI & ICBC Indonesia Dukung INKA Siapkan KRL Bandara
- SMI dan ICBC Dukung INKA Siapkan KRL Bandara
- Keberangkatan Pertama Kereta Bandara dari Manggarai Pukul 05.10 WIB
- Menjajal KA Bandara Soekarno Hatta dari Manggarai, 5 Keistimewaan Kereta Listrik Bandara Soetta
- Jangan Khawatir Ponsel Kehabisan Baterai 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 Industri Kereta Api (INKA)
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