Active Development AidData Chinese Aid

PT Bank ICBC Indonesia signs loan agreement with PT Medco Energi Internasional Tbk (MedcoEnergi) in February 2011 to roll over working capital credit facility

$10M USD

Funder	PT Bank ICBC Indonesia
Recipient Organization	PT Medco Energi Internasional Tbk
Country	Indonesia
Start Date	Feb 01, 2011
End Date	Sep 09, 2030
Duration	7,160 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`98436`

Grant Description

PT Bank ICBC Indonesia signs loan agreement with PT Medco Energi Internasional Tbk (MedcoEnergi) in February 2011 to roll over working capital credit facility In February 2011, PT Bank ICBC Indonesia signed a loan agreement with PT Medco Energi Internasional Tbk (MedcoEnergi) — an Indonesian oil and gas company — for refinancing purposes.

The loan proceeds were to be used to roll over a matured working capital credit facility amounting to $10 million USD.

The terms of the loan and its allocation to “roll over” another facility suggests that ICBC may have refinanced or extended the maturity of an older loan provided in 2010.

While confirmation of this older loan is unavailable, it is likely that ICBC provided an earlier loan and the facility captured in this project has refinancing/extension purposes. The loan is unsecured and will mature on February 25, 2012.

📋 Loan / Grant Terms

💰 Loan Amountare unknown

📋 Staff Comments

1. AidData has inferred the existence of the 2010 loan as ICBC rolled it over.

📚 Sources & References

2010 Annual Report
MedcoEnergi 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.