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BNI Syariah sets Rp 168b credit facility to revitalize Metrominis
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Metromini buses are parked at Blok M Bus Terminal, Jakarta, on Jan. 11. (Antara Photo/Rivan Awal Lingga)
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NI Syariah, the sharia subsidiary of Bank Negara Indonesia (BNI), has prepared a credit facility worth Rp 168 billion (US$12.62 million) to support the Jakarta administration’s Metromini bus-revitalization plan.
The funding will be in the form of seven-year loans to be disbursed to members of the Jakarta Organization of Land Transportation Owners (Organda) to finance the purchase of medium-sized buses, up to a cost of Rp 562 million (US$42,224).
"We hope this agreement can increase BNI Syariah's portfolio in the transportation sector," BNI Syariah acting president director Abdullah Firman Wibowo said in a statement in Jakarta on Tuesday.
In the first phase, the bank aims to cover the purchase of 300 buses. The new buses will be operated to feed the PT Transportasi Jakarta (Transjakarta) bus rapid transit network under a partnership scheme.
The Organda member, as partner, will own and operate the bus as part of the Transjakarta network, and they will receive revenue-sharing from the company.
The city administration is pushing for the revitalization of the decrepit orange buses known as Metrominis. Currently there are around 1,500 Metromini buses in operation in Jakarta with 628 of these having been revitalized. (ags)
