Mandiri Lends Rp875bn for West Palapa Ring Project
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Kamis, 1 Januari 1970 07:00 WIB
A teller waits for customers at a branch inside Bank Mandiri headquarters in Jakarta, February 23, 2016. REUTERS/Darren Whiteside/File Photo
TEMPO.CO, Jakarta-State-owned Bank Mandiri has disbursed Rp875 billion loan to PT Palapa Ring West, carrier of the West Palapa Ring Fiber Optic project. The loan will be used by Palapa Ring to strengthen telecommunication infrastructure.
Mandiri's commercial director Kartini Sally and Palapa Ring president director Syarif Lumintardjo signed the loan agreement on Monday, July 25 in Jakarta. The signing ceremony was witnessed by Minister of Communication and Informatics Rudiantara and Bank Mandiri president director Kartika Wirjoatmodjo.
The loan has an eight year term with a grace period of two years. The fund will be used to finance the construction of fiber optic networks in five cities/regencies in Riau Islands.
According to Kartika, the cooperation is Bank Mandiri's contribution in supporting the state's strategic projects to ensure equal distribution of development.
Minister Rudiantara hopes the lending facility will help create a reliable and integrated telecom network infrastructure in Indonesia, and result in investment efficiencies that can lead to cheaper telecommunication rates and faster development in the sector.
