BNI, SMI Lead $346m Loan Syndication for Waskita's Central Java Toll Road
Jakarta. State controlled lenders Bank Negara Indonesia and Sarana Multi Infrastructure lead a Rp 4.7 trillion ($346 million) loan syndication of local and foreign banks for financing construction of the Pejagan-Pemalang toll road in Central Java.
The 57.5 kilometer toll road, costing a total Rp 6.8 trillion, consists of four sections and will serves as a critical link in the Trans-Java toll road network.
BNI has provided Rp 1 trillion for the loan syndication while SMI, a government financing arm specializing in infrastructure development, has lent Rp 987 billion for the project, BNI said in a statement issued Tuesday (30/11).
They are joined by Bank ICBC, Bank Pan Indonesia and Bank Artha Graha as arrangers, as well as participant lenders that include Indonesia Eximbank, Bank Sumut, Bank Jateng, Bank Sulselbar, Bank Nagari, Bank Pembangunan Daerah Kalimantan Tengah, Bank Pembangunan Daerah Propinsi Daerah Istimewa Yogyakarta, Bank Maluku Malut and Bank BPD Jambi.
Toll road developer, state construction firm Waskita Karya, began operations for the first two sections of the Pejagan Pemalang toll road in June.
The company is look forward clearing lands for the remaining sections and expect both to be operational in 2018.
As of last month, the company has constructed 8.7 percent of Section 3, which links East Brebes and Tegal, and 14 percent of Section 4 from Tegal to Pemalang. Waskita has cleared more than two thirds of land needed for Section 3,
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