Japan to fund Patimban port
Japan’s government has made a $1.04bn (Rp 14.2tr) loan agreement to fund the Patimban deep seaport venture in Subang in Indonesia.
Japanese International Cooperation Agency (JICA) Indonesia Office senior representative Tomoyuki Kawabata confirmed the total investment in the project as $1.3bn (Rp 17.2 tr) and that that land acquisition and taxes were not included in the deal.
“The loan that has been signed covers 83% of the total project value,” he explained, The Jakarta Post reported kompas.com as saying.
The disbursement of the 40-year loan, which has a 0.1% interest rate and a 12-year grace period, has a requirement for the project to be built by a Japanese firm or an Indonesian company that has a partnership with one.
Japanese Deputy Ambassador to Indonesia Kozo Honsei said that the port project was in the detailed design stage.
“The soft launch of the vehicle terminal is targeted for March 2019,” Mr Honsei said, adding that the Japanese and Indonesian governments were working out who would be appointed as port operator.
H.E. Sugihardjo, secretary-general for Indonesia’s Ministry of Transportation, said that the winning bidders of the building tender for the Patimban port project would be named in March 2018 and that port construction was anticipated to begin in April 2018.
The government is now focusing on obtaining land for the venture, with the acquisition process set to be completed in December 2017 or by February 2018.
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