Active Mixed AidData Chinese Aid

ICBC Indonesia contributes $6 million to $90 million syndicated loan to Garuda Indonesia for unspecified purposes (Linked to Record ID#66396)

$6M USD

Funder	PT Bank ICBC Indonesia
Recipient Organization	PT Garuda Indonesia (Persero) Tbk
Country	Indonesia
Start Date	Feb 21, 2013
End Date	Mar 07, 2027
Duration	5,127 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`96700`

Grant Description

ICBC contributions to USD 90 million syndicated loan to PT Garuda Indonesia (Persero) Tbk for unspecified purposes On February 21, 2013, PT Garuda Indonesia (Persero) Tbk entered into a $90 million syndicated loan agreement with 4 banks -- including PT Bank Panin Tbk (contributing $20 million and Rp 213.378 billion), PT Bank ICBC Indonesia (contributing $6 million), PT Bank Central Asia Tbk (contributing Rp 213.378 billion), and Emirates NBD PJSC, Singapore Branch (contributing $20 million) -- for unspecified purposes.

The loan had a term of 24 months from November 7, 2012 with principal payments at month 15, 18, 21, and 24. Citibank facilitated the loan.

The amount outstanding as of December 31, 2013 was $45,640,043 for syndicated loan III in USD and $34,620,710 (Rp 421,991,834,190 ) for syndicated loan III in Indonesian rupiah.

📋 Staff Comments

This loan up-sized a previous November 2012 loan (as captured via Project ID#66396). Syndicated loan III is the result of a Syndicated Loan II ceiling increase.
The Government of Indonesia holds a 60.54% equity stake in Garuda Indonesia (the flag carrier of Indonesia).

📚 Sources & References

2013 Annual Report
GARUDA INDONESIA GLOBAL SUKUK LIMITED
Prospektus Right Issue En
MegaHawk - Offering Circular dated 27 May 2015 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 Garuda Indonesia (Persero) Tbk

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