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| Monday, 24 June 2013, 19:00 HKT/SGT | |
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Source: IFC | |
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JAKARTA, INDONESIA, June 24, 2013 - (ACN Newswire) - IFC, a member of the World Bank Group, has arranged financing of $85 million for PT Moya Indonesia to improve access to safe drinking water for about 1.8 million people living in the fast-growing Indonesian city of Tangerang south of Jakarta.
IFC is investing about $32 million, of which $23 million will be a loan and $8.7 million will be equity. On top of its own investment, IFC has mobilized $28 million from PT Indonesia Infrastructure Finance and $25 million from PT Sarana Multi Infrastruktur (Persero), a government-owned financial institution under the Ministry of Finance, which supports the financing of infrastructure projects in Indonesia. IFC has been cooperating with PT Sarana Multi Infrastruktur (Persero) in providing financing and equity investments to Indonesian companies.
"Tangerang has 1.8 million people and around 400 industries, but only 30,000 households enjoy clean water," says Simon A. Melhem, chief executive officer of Moya Asia Limited. "This investment will help us increase access to clean water and cope with the city's water crises."
PT Moya Indonesia, a subsidiary of Moya Asia Limited, which is listed on Catalist, the second board of the Singapore Exchange, has signed a 25-year agreement with Indonesian water company Perusahaan Daerah Air Minum Tirta Benteng Kota Tangerang to build, operate and eventually transfer a water treatment plant to the local government.
IFC's support will allow PT Moya Indonesia to more than quadruple the capacity of its water treatment plant to 168,480 cubic meter per day from 38,880 cubic meter per day. It will also help the company build a distribution network that will connect about 150,000 new households and industrial customers to address the growing demand of clean water in Tangerang and allow the city to achieve its millennium development goal of improving clean water access.
"Access to clean water is the most basic need and a key part of sustainable urbanization," said Sarvesh Suri, IFC's country manager in Indonesia. "This is IFC's first water project in Indonesia and promoting sustainable urbanization is one of our strategic goals in the country."
IFC invests in Indonesian companies to support the private sector's participation in Indonesia's infrastructure development and create more employment opportunities.
Contact:
IFC Indonesia
Novita Wund
Phone: +62-81-1840-0438
E-mail: NWund@ifc.org
Topic: Investment
Source: IFC
Sectors: Daily Finance, Daily News
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