Active Commercial AidData Chinese Aid

ICBC Indonesia provides a IDR 100 billion loan to PT MNC Finance for working capital purposes

$7.14M USD

Funder	PT Bank ICBC Indonesia
Recipient Organization	PT MNC Finance (MNCF)
Country	Indonesia
Start Date	Jan 01, 2016
End Date	Sep 26, 2029
Duration	5,017 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`98365`

Grant Description

ICBC Indonesia provides a IDR 100 billion loan to PT MNC Finance for working capital purposes In 2016, PT Bank ICBC Indonesia entered into a IDR 100,000,000,000 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.

📋 Loan / Grant Terms

💰 Loan Amountcarried a final maturity of December 23

This loan was secured by (i.e. collateralized against) consumer financing receivables equivalent to 120% of the outstanding loan balance. As of December 31, 2016, IDR 74,868,000,000 was outstanding under the loan. As of December 31, 2017, IDR 73,449,000,000 was outstanding under the loan.

📋 Staff Comments

1. 'PT MNC Kapital Indonesia Tbk Laporan Tahunan Annual Report 2016' lists June 23, 2022 was the maturity date, while 'PT MNC Kapital Indonesia Tbk 2017 Laporan Tahunan Annual Report' lists December 23, 2021 as the maturity date. AidData assumes the latter, the more recent source, is correct. It is unclear whether this was an error or there was a renegotiation of the loan terms. This issue merits further investigation.

📚 Sources & References

PT MNC Kapital Indonesia Tbk Laporan Tahunan Annual Report 2016
PT MNC Kapital Indonesia Tbk 2017 Laporan Tahunan Annual Report 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.