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PLN signs deal with banks for electricity project
Alfian , The Jakarta Post , Jakarta | Fri, 04/24/2009 10:13 AM | Business
Twenty three regional banks (BPD) have signed a commitment to provide a total of Rp 4.73 trillion (US$427 million) in loans for state electricity company PT PLN's 10,000 MW electricity project.The loans will be used to finance PLN's 13 coal-fired projects under the company’s 10,000 MW crash program, chairman of the regional banks association (Asbanda), Winny Erwindia said on Friday.
"Financing coal-fired power plants has been and will continue to be the focus of the BPD," Winny said during the signing of the agreement at the office of the coordinating minister for the economy.
Also attended in the ceremony were PLN's President Director Fahmi Mochtar and Acting Coordinating Minister for the Economy Sri Mulyani Indrawati.
Fahmi said the loan's maturity period was 10 years with a three year grace period. The loan interest rate is set based on Jakarta Interbank Offered Rate (JIBOR).
Fahmi said the 10,000 MW project needed a total of Rp 19.2 trillion and $ 4.8 million. From these required funds, PLN has so far secured Rp 18.8 trillion and $2.18 million.
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