PGN secures US$50 million in loan from IFC
Saturday, April 21 2007 - 01:45 AM WIB
State gas distributor and transmission firm PT Perusahaan Gas Negara Tbk. (PGN) said that International Finance Corporation (IFC), a business unit of World Bank, would soon disburse its committed loan of US$50 million or approximately Rp450 billion to the company.
PGN?s corporate secretary Widyatmoko Bapang said in Jakarta Friday that the loan disbursement would be part of the total bridging loan commitment of $100 million made by IFC earlier.
The disbursed loan would be used to finance a number of pipeline construction projects, he said.
He said that the disbursed loan would be counted in the total loan commitment from a consortium Asian Development Bank (ADB), ING, and IFC. Total loan commitment from the three institutions amounts to $225 million. (*)