State banks set to fund Sumatra power transmission project
Thursday, April 3 2014 - 02:30 AM WIB
Three state-controlled banks including Bank Nasional Indonesia, Bank Mandiri and Bank Rakyat Indonesia are ready to channel Rp 7 trillion worth of loans to finance the development of a 500 kilovolt power transmission project in Sumatra.
State Minister of State Owned Enterprises Dahlan Iskan said on Wednesday that the total investment requirement for the transmission project is Rp 10 trillion. He said that the three banks were ready to cover 70 percent, or Rp 7 trillion, of the funding requirement, while the remainder to be taken from the internal funds of state-owned electricity firm PT Perusahaan Listrik Negara.
?The project will start this year with a target to be completed in two years,? he said. (*)