ICBC provides a IDR 20 billion loan in July 2011 to PT MNC Finance for working capital purposes

$1.43M USD

Funder	PT Bank ICBC Indonesia
Recipient Organization	PT MNC Finance (MNCF)
Country	Indonesia
Start Date	Jul 04, 2011
End Date	Aug 01, 2027
Duration	5,872 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`98362`

Grant Description

ICBC provides a IDR 20 billion loan in July 2011 to PT MNC Finance for working capital purposes On July 4, 2011, PT Bank ICBC Indonesia entered into a IDR 20,000,000,000 loan agreement with PT MNC Finance (MNCF) — an Indonesian company focused on consumer financing that is 99.99% owned by PT MNC Kapital Indonesia Tbk, an Indonesian financial service provider — for working capital purposes.

This was a fixed investment loan that carried a maturity period of three years and it was secured by (i.e. collateralized against) consumer financing receivables and finance lease receivables equivalent to 120% of the outstanding loan balance. As of December 31, 2012, IDR 10,714,510,000 was outstanding under the loan.

As of December 31, 2013, IDR 3,983,542,000 was outstanding under the loan. This loan was repaid in 2014.

📚 Sources & References

PT MNC Kapital Indonesia Tbk Consolidated Financial Statements as of December 31, 2013
PT MNC Kapital Indonesia Tbk Laporan Tahunan 2014 Annual Report
PT MNC Kapital Indonesia Tbk Consolidated Financial Statements as of December 31, 2012 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.