Dirgantara Indonesia to Get Rp720 Bln Financing Facility from BRI

Thursday, 16 September 2010 21:29

Theindonesiatoday.com - State-owned aircraft maker PT Dirgantara Indonesia said it has selected PT Bank Rakyat Indonesia Tbk (BRI), a State-owned bank, as the winner for its financing facility for the production of three units of CN235-220 aircrafts ordered by the Navy (TNI AL).

“BRI New York branch has won the tender to provide export credit financing facility to PT DI,” President Director of Dirgantara Indonesia, Budi Santoso, was quoted by Antara news agency as saying on Thursday.

Budi said the other participants of the financing facility tender were BNI SINGAPORE branch, BNP Paribas (France), Credit Suisse (Swiss) and Nord LB (Germany).

Budi said the appointment of BRI has been endorsed by the Finance Ministry. He expects to sign the financing facility agreement by the end of this month.

The aircraft producer is scheduled to deliver the aircrafts in 2012, or two years after the commercial credit agreement is signed.

The aircrafts were ordered by the Defense Ministry, which is specifically designed based on thorough analysis with the military. The three aircraft units are the first batch of total six aircrafts ordered by the Navy, to be delivered in 2010-2014.

Budi also said that PT Dirgantara is also working on one helicopter Super Puma ordered by the Air Force (TNI AU) worth around Rp179 billion.

“This is a breakthrough in which a local bank grants loans to PT DI,” Budi said.

Dirgantara Indonesia was a brainchild of former VP B.J. Habibie. The aircraft maker reached its golden era during the late president Soeharto regime as Habibie got full back-up, financially and politically from Soeharto.

Post Soeharto era, Dirgantara Indonesia was trapped in big debts, prompting the company to lay off its workers and sought government’s rescue to keep the company afloat. In the past few years, the company slowly recovered after receiving orders from domestic government institutions and some neighboring countries. (roffie.kurniawan@gmail.com)

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