Completed Mixed AidData Chinese Aid

ICBC Indonesia contributes IDR 100 billion to IDR 3.22 trillion syndicated loan for Pemalang-Batang Toll Road Construction Project

$7.14M USD

Funder	PT Bank ICBC Indonesia
Recipient Organization	Pemalang Batang Toll Road (PBTR)
Country	Indonesia
Start Date	May 24, 2017
End Date	Mar 19, 2031
Duration	5,047 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`61430`

Grant Description

ICBC contributions to IDR 3.22 trillion 2017 syndicated loan for the Pejagan Pemalang Toll Road Project On May 24, 2017, PT Pemalang Batang Toll Road (PBTR) — a special purpose vehicle and joint venture of PT Waskita Toll Road (WTR) [60% ownership stake] and PT Sumber Mitra Jaya [40% ownership stake] — signed an IDR 3,220,000,000,000 syndicated loan agreement with 17 banks (including Bank Negara Indonesia, ICBC Indonesia, Bank Artha Graha, Bank Panin, and several regional development banks) for the Pemalang-Batang Toll Road Construction Project.

📋 Loan / Grant Terms

📅 Maturity14 years

⏳ Grace Period2 years

The purpose of the project was to construct a 39.2 km toll road linking the Pemalang area with Batang in Central Java. The road is part of the Trans-Java Expressway, which will connect Merak to Banyuwangi of the island of Java.

The project officially started in 2006, but construction did not begin for nearly ten years due to lack of land acquisition readiness. Until 2015, land acquisition progress was below 5%. A groundbreaking ceremony was held on June 17, 2016 and the road was opened to traffic on November 9, 2018.

📋 Staff Comments

PT Pemalang Batang Toll Road was established based on the notarial deed of Bonardo Nasution, S.H., No. 10 dated June 15, 2006. Then, the legal basis for the establishment was updated with Deed No. 14 dated June 22, 2006 with the same Notary. The Deed of Establishment was officially endorsed by the Minister of Law and Human Rights of the Republic of Indonesia through Decree No.C-20478.HT.01.01.TH.2006 dated July 13, 2006. PBTR obtained concession rights to the Pemalang Batang toll segment with a concession period of 40-years. PT Waskita Karya Tbk (Waskita Karya), an Indonesian state-owned construction company, owns a 99.99% ownership stake in PT Waskita Toll Road (WTR). PT Sumber Mitra Jaya is a private Indonesia company.

📚 Sources & References

Annual Report 2017
Pemalang-Batang Toll Road
Waskita Secures Crucial Loan for Pemalang-Batang Toll Road
BNI leads syndicated loan Rp3.2t for Pemalang-Batang toll road
Waskita Karya Consolidated Financial Statement for Years Ended Demeber 31, 2017 and 2016
Pemalang - Batang 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.