JSMR Subsidiary Secures Rp17.92 Trillion Credit to Build Yogyakarta-Bawen Toll Road
PT Jasa Marga (Persero) Tbk (JSMR), through its subsidiary PT Jasamarga Jogja Bawen (JJB), has formally signed a syndicated credit agreement valued at Rp17.92 trillion to finance construction of the Yogyakarta-Bawen toll road, which carries a total investment value of Rp25.61 trillion.
The financing facility was obtained from several banking and financial institutions comprising Bank Mandiri, Bank Central Asia (BCA), and PT Sarana Multi Infrastruktur (SMI) (Persero), serving as Joint Mandated Lead Arrangers & Bookrunners (JMLAB). Maybank Indonesia and Bank BPD Daerah Istimewa Yogyakarta (BPD DIY) also participated as syndication partners in this financing arrangement.
The successful financial close reflects strong banking and financial institution confidence in Jasa Marga’s business fundamentals and long-term prospects for toll roads in Indonesia. The credit agreement was signed at Jasa Marga’s head office in Jakarta on Tuesday, 17 March 2026, attended by Jasa Marga’s business development director Ari Respati and finance and risk management director Pramitha Wulanjani, as well as JJB’s management including chairman Aldrin Maulana Najib and chief executive officer A.J. Dwi Winarsa, along with representatives from all creditors.
Jasa Marga chief executive Rivan A. Purwantono expressed gratitude for the creditors’ confidence in supporting the strategic project’s financing. “The trust given by these financial institutions is an important foundation for Jasa Marga and JJB to accelerate construction of the Yogyakarta-Bawen toll road. This project is expected to add value to regional connectivity whilst supporting economic growth in Yogyakarta Special Region and Central Java,” Rivan said.
The Yogyakarta-Bawen toll road is a key strategic infrastructure project expected to enhance integration of the Trans-Java toll road network in central Java. By connecting the Yogyakarta corridor to Semarang via toll road, public mobility and goods distribution will become more efficient, strengthening inter-regional connectivity and opening economic, tourism, and investment development opportunities across Yogyakarta and Central Java.
JJB chief executive A.J. Dwi Winarsa stated that the credit agreement signing represents the result of collaboration among all stakeholders to accelerate infrastructure development progress. “The signing marks a good beginning for JJB development and supports project completion according to schedule. We hope this collaboration continues to deliver results in line with shared expectations,” he added.
The Yogyakarta-Bawen toll road spans 75.12 kilometres across six sections: Section 1 (Sleman-Banyurejo) 8.80 km, Section 2 (Banyurejo-Borobudur) 15.20 km, Section 3 (Borobudur-Magelang) 8.10 km, Section 4 (Magelang-Temanggung) 16.65 km, Section 5 (Temanggung-Ambarawa) 21.39 km, and Section 6 (Ambarawa-Bawen) 4.98 km. Section 6 is currently operating functionally to support smooth flow during the 2026 Lebaran holiday period.
As part of the Trans-Java toll road network development, the Yogyakarta-Bawen toll road plays a strategic role in enhancing connectivity between Yogyakarta and Semarang and surrounding areas. Its presence is expected to improve travel time efficiency, facilitate logistics distribution, and support tourism and economic development in the region.
Operationally, the toll road will provide an alternative route for users travelling from Yogyakarta to Semarang and vice versa, whilst helping reduce potential traffic congestion on existing arterial routes, particularly in the Bawen area. This financing support reinforces Jasa Marga’s commitment to delivering quality and sustainable toll road infrastructure, with the Yogyakarta-Bawen toll road expected to become a new connectivity driver supporting public mobility and economic growth across Yogyakarta and Central Java.