Toll road developer PT Jakarta Tollroad Development (JTD) has announced that it has received a Rp 13.7 trillion (US$943.35 million) syndicated loan involving 29 banks to construct a 30-kilometer elevated inner city toll road in the capital.

The joint mandated lead arrangers (JMLA) of the syndicated loan are state-owned lender PT Bank Negara Indonesia (BNI), city-owned lender PT Bank DKI, private lender PT Bank Mega, private lender PT Bank Central Asia (BCA) and state-owned lender PT Bank Mandiri and its subsidiary, PT Bank Syariah Mandiri.

The total investment for Phase I of the Jakarta inner city toll road will connect Semanan in West Jakarta and Pulau Gebang in East Jakarta, costing a total of Rp 21 trillion.

JDT finance director Reynaldi Hermasyah said that the loan was for a 15 year term. “The coupon rate is 11 percent during the construction and 10.35 percent during the operation,” Reynaldi said in Jakarta on Tuesday as quoted by kontan.co.id.

JDT president director Frans Sunito said that the company had started to develop Segment A of the project from Pulo Gebang to Kelapa Gading in North Jakarta by using the company’s internal fund.

Phase I of the Jakarta inner city toll road consists of three segments – Segment A from from Pulo Gebang to Kelapa Gading; Segment B from Semanan to Grogol in West Java and Segment C from Grogol to Kelapa Gading.

Segment A of the project, which has been under construction since January, is expected to be completed in the second half of 2019.

The whole elevated toll road project is scheduled to begin operations in 2021.  (bbn)