{
    "success": true,
    "data": {
        "id": 1186515,
        "msgid": "ifc-lends-10-million-to-panin-overseas-1447893297",
        "date": "1995-09-30 00:00:00",
        "title": "IFC lends $10 million to Panin Overseas",
        "author": null,
        "source": "JP",
        "tags": null,
        "topic": null,
        "summary": "IFC lends $10 million to Panin Overseas JAKARTA (JP): The International Finance Corporation (IFC), an affiliate of the World Bank, has approved a loan of US$10 million to PT Panin Overseas Finance, a multi-financing division of the Panin Group.",
        "content": "<p>IFC lends $10 million to Panin Overseas<\/p>\n<p>JAKARTA (JP): The International Finance Corporation (IFC), an<br>\naffiliate of the World Bank, has approved a loan of US$10 million<br>\nto PT Panin Overseas Finance, a multi-financing division of the<br>\nPanin Group.<\/p>\n<p>Panin said in a statement that under an agreement signed<br>\nyesterday, IFC's financing package, which will be used to fund<br>\nleasing contracts with small and medium-sized businesses,<br>\nconsists of a loan of $6 million from its own account and a<br>\nsyndicated loan of $4 million.<\/p>\n<p>The main business of Panin Overseas Finance, a publicly-listed<br>\ncompany on the Jakarta Stock Exchange, is leasing, factoring and<br>\nconsumer finance.<\/p>\n<p>\"Long-term leasing is an effective way to channel funds to<br>\nsmall and medium enterprises,\" the statement quoted Peter Cook,<br>\ndirector of IFC's Asia Department, as saying.<\/p>\n<p>\"The financing package will address the shortage of long-term<br>\ndebt funding for Indonesian leasing and financing companies. It<br>\nwill provide medium-term funds which the company cannot obtain<br>\nfrom other sources. IFC's involvement is expected to benefit over<br>\n40 Indonesian firms,\" Peter added.<\/p>\n<p>IFC is a shareholder in the company, having recently invested<br>\n$1.9 million in the share capital.<\/p>\n<p>IFC is the largest multilateral institution of the World Bank<br>\nand is the largest multilateral source of equity and loan<br>\nfinancing for private sector projects in developing countries.<\/p>\n<p>Panin Overseas Finance, after offering its shares to the<br>\npublic in April, is 34.59 percent owned by PT Panincorp, 27.75<br>\npercent by PT Panin Investment Enterprises Ltd., 10.60 percent by<br>\nPT Usasli, 4.12 percent by DPK Panin Bank and 22.94 percent by<br>\nthe investing public.<\/p>\n<p>Panin Overseas Finance recorded an after-tax profit of Rp 3.63<br>\nbillion ($1.59 million) in the first six months of this year and<br>\ntotal assets of Rp 167.3 billion as of June.(31)<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/ifc-lends-10-million-to-panin-overseas-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}