Pelindo II gets Rp 1 trillion loan to finance Kalibaru Port project

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joint force: (from left to right) State-owned seaport operator Pelindo II president director Richard Joost Lino, Bank Mandiri corporate banking director Fransisca Nelwan Mok, Pelindo II finance director Mulyono, Bank Mandiri president director Zulkifli Zaini, State-Owned Enterprises deputy minister for strategic industries and energy Sahala Lumban Gaol and BNI business banking director Krishna Suparto pose for a photo after signing a loan agreement in Jakarta on Tuesday. Bank Mandiri and BNI agreed to provide Rp 1 trillion (US$105 million) in loans to Pelindo II to develop the Kalibaru Port in North Jakarta.(JP/R. Berto Wedhatama)

State-owned banks Bank Mandiri and Bank Negara Indonesia (BNI) have agreed to provide loans worth Rp 1 trillion (US$105 million) to Pelindo II to help the latter finance the development of the Kalibaru Port.

Pelindo II president director RJ Lino said that the credit would significantly accelerate the development of the first phase of the Kalibaru Port, which will become one of the largest container ports in the country with an area of 195
hectares.

The financing from Bank Mandiri and BNI is the first credit Pelindo II has received from the national banks. Prior to this, Pelindo II relied on its own funds to support operations. Each of the banks will provide Rp 500 billion for Pelindo II.

Bank Mandiri corporate banking director Francisca Nelwan Mok said that the lending commitment for Pelindo II was an example of how state-owned enterprises could work together to develop much needed infrastructure in Indonesia.

BNI business banking director Krishna R. Suprapto said that he hoped the construction of the new port would reduce logistical costs in Indonesia.

“High logistical costs makes the domestic industry lose its edge against foreign competitors,” Krishna said.

Meanwhile, Rima Noviyanti, the corporate secretary of Pelindo II, also known as Indonesia Port Corporation (IPC), said that groundbreaking at the Kalibaru Port, also called New Priok in North Jakarta, would be delayed until next month due to President Susilo Bambang Yudhoyono’s tight schedule.

The groundbreaking ceremony for the port was originally scheduled for Sept. 17, which would coincide with National Transportation Day. The President was expected to lead the ceremony.

Based on the master plan, during the first phase the company will develop three container terminals with a total capacity of 4.5 million 20 foot units (TEUs) and two fuel berths with a total investment of up to US$2.5 billion.

The first container terminal with a capacity of 1.5 million TEUs is set to commence operation in the middle of 2014, with each of the additional four terminals being completed in the years following up
until 2017.

Separately, Transportation Minister EE Mangindaan said he hoped the President would be able to officially open the project next month.

“We expect the port’s first groundbreaking ceremony to be held in early October as the first terminal is scheduled to be operational by 2014 to cope with the surging container traffic,” Mangindaan said on the sidelines of the transportation workshop in Jakarta.

The port project was originally designed as part of the government’s plan to expand the country’s busiest port; Tanjung Priok Port, through the construction of new terminals that would have a capacity of 1.9 million TEUs.