CDB provides RMB 1.9 billion loan to Bank Mandiri for infrastructure construction activities (Linked to Record ID#66753)

📋 Staff Comments

1. On September 16, 2015, China Development Bank signed multiple loan agreements worth $3 billion with three of Indonesia's state owned banks: Bank Mandiri, Bank Rakyat Indonesia and Bank Negara Indonesia in order to support infrastructure construction activities in Indonesia. Each bank secured a $1 billion loan (70% denominated in USD and 30% denominated in RMB) with a 10-year maturity and 3-year grace period. These loans disbursed in October, November, and December of 2015. Each of the following sub-projects total to $1 billion: (1) Bank Mandiri's USD tranche is captured in Project ID#66753 and the RMB tranche part is captured in Project ID#66754; (2) Bank Negara Indonesia's USD tranche is captured in Project ID#66755 and the RMB tranche is captured in Project ID#66756; and (3) Bank Rakyat's USD tranche is captured in Project ID#66757 while its RMB tranche is captured in Project ID#66758.
2. None of these CDB loans to Bank Mandiri, Bank Rakyat Indonesia and Bank Negara Indonesia are included in the Overseas Development Finance Dataset that Boston University’s Global Development Policy Center published in December 2020.
3. For the time being, AidData assumes that the borrowing terms of the $700 CDB loan tranche to Bank Mandiri are similar to the borrowing terms that CDB offered to Bank Rakyat. The borrowing terms of the $700 million CDB loan to Bank Rakyat carried a 10-year maturity. For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.
4. The 2021 and 2022 amount outstanding data are drawn from https://www.bankmandiri.co.id/documents/38265486/0/%5BFinal%5D+BMRI+1222+-+Audited+Financial+Statements+31+Desember+2022+-+English+Version_signed+%282%29.pdf/46ae53fa-e8ad-24ba-7b04-50ce777bde12?t=1676350164918

📚 Sources & References

• 2015 Laporan Tahunan
• 印尼3家国营银行获中国国家开发银行30亿美元贷款
• 国开行：推进中印尼合作标志性项目建设
• PT Bank Mandiri (Persero) Tbk. and Subsidiaries Consolidated financial statements as of December 31, 2019 and for the year then ended with independent auditors’ report
• Bank Mandiri
• House questions use of loan facility from Chinese Bank
• China's Overseas Development Finance
• Brief Summary/Kesimpulan Singkat Working Group on Oil
• Gas and Coal
• Annual report 2017 Bank Mandiri
• Annual report 2019 Bank Mandiri
• Annual report 2021 Bank Mandiri
• Annual report 2023 Bank Mandiri 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.