PLN obtains loans from major banks

State-owned electricity company PT PLN signed on Friday a loan agreement with the country?s major state-controlled banks including BNI, BRI and Bank Mandiri.

PLN said in a statement that the three banks provided a combined Rp 12 trillion of investment credit to help finance development of power plants, transmission lines, distribution, and other supporting facilities.

The banks also upsized their working capital loan for PLN from the initial volume of Rp 15 trillion to Rp 20 trillion.

PLN President Director Sofyan Basir signed the lending agreement with President Director of BNI Achmad Baiquni, President Director of BRI Asmawi Syam, and President Director of Bank Mandiri Kartika Wirjoatmodjo.

Editing by Reiner Simanjuntak