VIVAnews – The Asian Development Bank (ADB) committed to contribute US$140 million fund to PT Sarana Multi Infrastructure (SMI).
The fund which will be divided in US$100 million loan and US$40 million equity is given to the company, which is going to be established together with PT SMI and other stakeholders, such as the World Bank, the German Bank for Reconstruction (KfW) and the German Investment and Development Agency (DEG).
The corporate secretary of PT SMI Astried Swastika said that the SMI is a state-owned enterprise (SoE) that was established by the government for a specific task to enhance the acceleration of infrastructure funding provision through a partnership between private companies and multilateral institutions.
“SMI is expected to become the government's representative,” Astried said.
Based on the regulation, the government's support is reflected from the issuance of the Presidential Decree No. 9/2009 on funding institution and Finance Minister Regulation on infrastructure funding company, which is still under its final phase at the present time.
Along with the infrastructure acceleration policy, the government has enacted the Government Regulation No. 66/2007 and Government Regulation No. 75/2008 on state capital participation for establishing PT SMI.
SMI, in 2009, is preparing the establishment of the Indonesian Infrastructure Finance Facility (IIFF). The company is making a fit and proper test to be able to give direct funding for other legal institutions in forms of loan or capital participation based on SMI's capability. IIFF is one of the subsidiaries which is established on a joint capital from SMI, the World Bank, and ADB.
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Translated by: Ariyantri E. Tarman
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