Published: October 05, 2012
KUALA LUMPUR: Export-Import Bank of Malaysia (Exim Bank) has extended credit facilities of US$95 million to PT Lintas Marga Sedaya to part finance the development of the Cikampek-Palimanan toll road in Indonesia.
The bank, together with 21 other banking and financial institutions signed credit facilities agreement worth RM2.9 billion in Jakarta yesterday to finance the Cikampet-Palimanan toll highway that requires a total investment of RM4.15 billion.
Exim Bank managing director and chief executive Datuk Adissadikin Ali said as a development financial institution primarily responsible to facilitate Malaysians for cross border ventures, Exim Bank will continue to support this endeavour.
"We are proud to assist PLUS in their first toll road project in Indonesia," he said in a statement made available to Business Times.
The RM4.15 billion highway is being built by a joint venture firm, LMS, in which PLUS has 55 per cent equity, while local partner, Baskhara Utama Sedaya holds the remaining 45 per cent.
The project is being implemented under the build, operate and transfer concept. In this regard, LMS has been awarded a 35-year concession to manage the highway slated for completion in 2014.
The 116km highway will link two other highways that will form the Trans Jawa highway, the main land corridor access in this densely-populated island of 124 million people.
The Cikampek-Palimanan highway will have four lanes, two each on both sides, with adequate reserve land for expansion to six lanes in future.
When completed, the highway will be linked to the Jakarta-Cikampek toll highway and Palimanan-Kanci toll highway, both in West Jawa, which have been completed and are operational.
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