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CDB provides RMB 553 million loan to Indah Kiat Pulp & Paper Factory
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | PT Indah Kiat Pulp & Paper Tbk |
| Country | Indonesia |
| Start Date | Apr 25, 2011 |
| End Date | Apr 24, 2030 |
| Duration | 6,939 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 66291 |
Grant Description
CDB provides RMB 553 million loan to Indah Kiat Pulp & Paper Factory On April 25, 2011, China Development Bank (CDB) and 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) — signed an RMB 553 million ($85.1 million) investment credit facility agreement to support a pulp and paper factory in the city of Tangerang within Banten Province.
The loan was secured by (collateralized with) a power plant owned by the borrower (PT Indah Kiat Pulp & Paper Tbk).
PT Purinusa Ekapersad — the parent company of PT Indah Kiat Pulp & Paper Tbk and a part of Sinar Mas Group — also issued a corporate guarantee in support of the loan.
As of December 31, 2012, the outstanding balance of the loan from CDB amounted to $73.4 million. As of March 31, 2013, the outstanding balance of the loan was $72.8 million. As of June 30, 2017, the outstanding balance of the loan was $14.7 million.
Sources & References
- China Development Bank’s overseas investments: An assessment of environmental and social policies and practices
- ABOUT US
- PT INDAH KIAT PULP & PAPER Tbk DAN ENTITAS ANAK
- Consolidated Financial Statements With Independent Auditors' Report December 31, 2011 and 2010, and January 1, 2010/December 31, 2009, and For the Years Ended December 31, 2011 and 2010 (Unaudited)
- Annual Report Laporan Tahunan 2011
- Indah Kiat 2015 Annual Report, 2023 Sustainability Report
- Sustainability Tangerang 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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