Jakarta (ANTARA News) - The International Finance Corporation (IFC) has provided a loan of US$70 million to PT Jakarta International Container Terminal (JICT) for the expansion of the existing terminal and building more such infrastructure projects.
"As the biggest archipelagic country in the world, Indonesia is in a dire need of a well managed and efficient transportation system to enable it to compete in the global economy," IFC Director for East Asia and the Pacific Karin Finkelston said when signing a loan agreement in Jakarta Thursday.
The occasion was also attended by Finance Minister Sri Mulyani Indrawati, Executive Director of Hutchison Port Holdings (HPH) James Tsien, President Director of Pelindo II Richard J. Lino, JICT Financial Director Nano Aryono, and Customs and Excise Director General Anwar Suprijadi.
Karin said that the loan will support part of the program of building the JICT container terminal worth US$160 million.
The IFC loan consists of US$30 million from the institutions based on a 7-year instalment and syndicated loan from the HSBC of up to US$40 million to be paid in 5 years of instalments.(*)