Active Mixed AidData Chinese Aid

Bank of China provides IDR 1,000,000,000,000 loan to PT SMI to support the financing of infrastructure investment projects

$71.43M USD

Funder	Bank of China (BOC)
Recipient Organization	PT Sarana Multi Infrastruktur (Persero) (PT SMI)
Country	Indonesia
Start Date	Dec 18, 2019
End Date	Oct 31, 2031
Duration	4,335 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`98566`

Grant Description

Bank of China provides IDR 1,000,000,000,000 loan to PT SMI to support the financing of infrastructure investment projects On December 18, 2019, Bank of China, Jakarta branch, signed an agreement with PT Sarana Multi Infrastruktur (Persero) (PT SMI), a Special Mission Vehicle (SMV) under the Indonesian Ministry of Finance, to provide a IDR 1,000,000,000,000 loan to support Persero's financing of infrastructure projects.

📋 Loan / Grant Terms

💰 Loan Amountcarries an interest rate of JIBOR plus an unspecified margin

The loan was scheduled to be withdrawn on June 26, 2020.

The loan was uncollateralized and included financial covenants, including PT SMI's maintenance of a debt-to-equity ratio of a maximum of three times, and that the Government of Indonesia maintained a 51% stake in PT SMI. The infrastructure projects financed by the loan are unknown.

📋 Staff Comments

1. Due to a lack of information on the margin added to the loan, AidData is unable to calculate the true interest rate for this loan. The 6-month JIBOR from December 18, 2019 was 5.66385%. For more information, see: https://www.bi.go.id/en/statistik/indikator/indonia.aspx

📚 Sources & References

Investor Updates: Funding Partners
PT SMI Notes to the Financial Statements for the years ended 2020 and 2019
PT SMI Notes to the Financial Statements as of June 2020 (Unaudited)
PT SMI Notes to the Financial Statements for Years Ended 2018, 2019, 2020
PT SMI Notes to the Financial Statements for the years ended 2021 and 2020
PT SMI Notes to the Financial Statements for the years ended 2022 and 2021
PT SMI Notes to the Financial Statements for the years ended 2023 and 2022 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.