Indonesia Infrastructure Development- Updates & Discussion

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Kediri Airport development, East Java

Update

 

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Kertajati Airport in West Java starting its full operation

 

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Get ready! Probolinggo Toll Road Penetrates Banyuwangi After Collecting Credit of IDR 7.39 Trillion​

News from Alifian Asmaaysi • 14h

Probolinggo-Banyuwangi toll road project. East Java

Bisnis.com, JAKARTA - PT Jasa Marga (Persero) Tbk. (JSMR) through its subsidiary obtained a syndicated loan of up to Rp7.39 trillion, which will be used for the construction of the Probolinggo-Banyuwangi toll road.

In its report, the jumbo syndicated loans obtained by JSMR came from a number of Indonesian banking industries ranging from Himbara Bank, Private Banks, Regional Development Banks (BPD), and national infrastructure financing institutions.

Citing information shared by JSMR, the syndicated credit agreement was signed in Jakarta on Tuesday (21/11/2023) by President Director of PT JPB Adi Prasetyanto with 6 syndicated banking creditors, namely BNI, BCA and Bank Mandiri acting as Joint Mandated Lead Arrangers & Bookrunners (JMLAB) and syndicated members of Bank Jatim, BPD Bali, BPD Papua and 1 infrastructure financing institution PT Sarana Multi Infrastruktur (Persero).

Also Read: IKN Toll Road Targeted for Completion in April 2024, Here's the Progress

Director General (Dirjen) of Highways at the Ministry of PUPR Hedy Rahadian expressed her gratitude to the banking syndications.

Along with this financial support, Hedy hopes that PT JPB can complete the construction process of the Probolinggo - Banyuwangi Toll Road in accordance with the target that has been set.

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"With the signing of the syndicated credit today, hopefully it can support the land acquisition process and construction stages that are being carried out in accordance with the target, so that the community can immediately enjoy the benefits of the Probolinggo-Banyuwangi Toll Road," Hedy said in her official statement, Tuesday (11/21/2023).

Meanwhile, Jasa Marga's Business Development Director M. Agus Setiawan, representing the shareholders of PT JPB, explained that Jasa Marga had the opportunity to cooperate again with syndicated creditors, the majority of whom previously also supported the construction of the Solo-Yogyakarta-NYIA Kulonprogo Toll Road Project, whose concession rights are owned by PT Jasamarga Jogja Solo, in December 2022.

Also Read: Minister Basuki Asks Toll Road Entrepreneurs to Improve Business Governance

"Jasa Marga together with PT Brantas Abipraya (Persero) and PT Waskita Toll Road as the Shareholders of PT JPB hope and fully support the smooth and complete completion of this project both in terms of land acquisition so that it can be properly escorted to the end and so that construction activities can be completed on time, on quality, and on cost in accordance with the plan and always apply the principles of Good Corporate Governance (GCG)," Agus said.

All of these targets, continued Agus, of course cannot be separated from the support of banks and financial institutions that participate in the success of the construction of the Probolinggo-Banyuwangi Toll Road to realize Trans Java Toll Road connectivity on the east side of Java Island as part of sustainable infrastructure development.

Similarly, President Director of PT JPB Adi Prasetyanto hopes that with the support provided by creditors, the ongoing toll road construction can be completed according to the target with good quality and quality.

As for now, the construction progress of the Probolinggo - Banyuwangi Toll Road has started since February 2023 and is still running according to the target. Until early November 2023, the progress of the toll road project for Phase I of the Gending-Besuki Segment has reached 31% for package 1, 15% for package 2, and 6% for package 3.

"According to the direction from shareholders, we will oversee all business processes to always implement good corporate governance as a form of commitment in realizing the goals and targets that have been set," said Adi.

Adi also added, when the Probolinggo-Banyuwangi Phase I Toll Road GendingBesuki Segment has been operated, this toll road will be connected to the Pasuruan - Probolinggo Toll Road managed by PT Waskita Toll Road which has been operating first.

MSN