SMI, banks sign $1.1 billion syndicated loan for C. Java toll road
Wednesday, March 18 2026 - 03:22 PM WIB
By Romel S. Gurky
State infrastructure financing PT Sarana Multi Infrastruktur (Persero) (SMI) said it has signed a 17.92 trillion rupiah ($1.1 billion) syndicated loan agreement to finance the Yogyakarta–Bawen toll road project in Central Java.
The financing was arranged with Bank Mandiri and Bank Central Asia, which acted alongside PT SMI as joint mandated lead arrangers and bookrunners, the company said in a statement.
Other lenders in the syndicate include Bank Maybank Indonesia and Bank BPD DIY.
The loan will support the development of the 75.12-km Yogyakarta–Bawen toll road, which has a total investment value of 25.61 trillion rupiah and is being developed by PT Jasamarga Jogja Bawen.
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The project forms part of the Trans-Java toll road network and is expected to improve connectivity across Central Java and the Special Region of Yogyakarta, while supporting logistics efficiency and access to the Borobudur tourism area.
SMI said it acted as a development finance institution in structuring the financing, coordinating the syndication process and facilitating financial close for the project.
Editing by Alexander Ginting