Yogyakarta-Bawen Toll Road Project Secures Rp17.92 Trillion Syndicated Credit Facility
PT Jasa Marga (Persero) Tbk, through its subsidiary PT Jasamarga Jogja Bawen (JJB), has formally signed a syndicated credit agreement worth Rp17.92 trillion to support the financing of the Yogyakarta-Bawen Toll Road construction project, which has a total investment value of Rp25.61 trillion.
Jasa Marga Chief Executive Rivan A. Purwantono expressed gratitude for the confidence shown by the creditors in supporting the financing of this strategic project.
“The confidence given by these financial institutions forms an important foundation for Jasa Marga and PT JJB to accelerate the construction of the Yogyakarta-Bawen Toll Road. This project is expected to add value to regional connectivity whilst supporting economic growth in the special region of Yogyakarta and Central Java,” Rivan said in a statement in Jakarta on Tuesday.
He also noted that the Yogyakarta-Bawen Toll Road project is one of the strategic infrastructures expected to enhance the integration of the Trans-Java Toll Road network in the central region.
“With the Yogyakarta corridor connected to Semarang through the toll road, public mobility and goods distribution will become more efficient. This is also expected to strengthen inter-regional connectivity whilst opening opportunities for economic zone development, tourism, and investment in the special region of Yogyakarta and Central Java,” he said.
The financing facility was obtained from several banking institutions and financial institutions comprising Bank Mandiri, Bank Central Asia (BCA), and PT Sarana Multi Infrastruktur (SMI) (Persero) acting as Joint Mandated Lead Arrangers & Bookrunners (JMLAB). Meanwhile, Maybank Indonesia and Bank BPD Daerah Istimewa Yogyakarta (BPD DIY) also participated as participants in this syndicated financing arrangement.
The success of this financial close reflects the strong confidence of the banking sector and financial institutions in the business fundamentals of Jasa Marga and the long-term prospects of toll roads in Indonesia.
The syndicated credit agreement was signed at Jasa Marga’s Head Office in Jakarta on Tuesday (17 March). The event was attended by Jasa Marga’s Board of Directors including Business Development Director Ari Respati and Finance and Risk Management Director Pramitha Wulanjani. The management team of PT Jasamarga Jogja Bawen, including Chairman Aldrin Maulana Najib and Chief Executive A.J. Dwi Winarsa, were also present along with representatives from all creditors.
The occasion was also witnessed by other shareholders of JJB as a show of support for accelerating toll road infrastructure development in Indonesia.
PT JJB Chief Executive A.J. Dwi Winarsa stated that the signing of this agreement is the result of collaboration amongst all stakeholders towards accelerating infrastructure development progress connecting the Yogyakarta and Central Java regions.
“To reach this stage, we have gone through quite a lengthy process and thankfully it has proceeded smoothly. We hope this signing marks a good beginning for JJB’s development and supports the completion of the project according to schedule. Thank you for the support from all parties; we hope future collaboration can continue and deliver results in line with our shared expectations,” said Dwi.
The Yogyakarta-Bawen Toll Road has a total length of 75.12 kilometres divided into six sections: Section 1 Sleman-Banyurejo spanning 8.80 km, Section 2 Banyurejo-Borobudur spanning 15.20 km, Section 3 Borobudur-Magelang spanning 8.10 km, Section 4 Magelang-Temanggung spanning 16.65 km, Section 5 Temanggung-Ambarawa spanning 21.39 km, and Section 6 Ambarawa-Bawen spanning 4.98 km.
Currently, Section 6 Ambarawa-Bawen has been operationalised functionally to support smooth traffic flow during the 2026 Eid holiday period.