| Loan Agreement II for MRT Jakarta Project is Signed |
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Jakarta, March 31st 2009 – The loan agreement 2 (LA2) for the amount of 48,150 billion Yen to build Jakarta MRT System was signed by the Indonesian Government (represented by Indonesian Ambassador for Japan) and JICA on March 31 2009 in Tokyo, Japan. This loan is to be forwarded from the National Government to the Jakarta City Administration as a grant (on-granting agreement).
LA2 should have been signed prior to the government remitting the commitment fee to JICA. At least, 120 days after March 31, 09, LA2 should be in effect and the commitment fee will be paid on October 09. Therefore, the draft of this on-granting agreement II should be ready between July to October. The LA2 fund will be used by PT MRT Jakarta for acquiring the consultant in project supervision, consultant for operation and maintenance. The fund also will be used to perform tender to acquire contractor and the construction project till 2012. Although LA1 and 2 had both been signed, however, the funds from both are not yet transferred by JICA. It will be available when the activities stipulated in the agreement began. After the signing of the granting agreement of LA2, the City Administration will propose another loan agreement for LA3 and 4 to the Government. This proposal for LA 3 and 4 will become an on lending agreement for the local government. The total amount of LA3 and 4 addressed as a loan of local government is about 71.867 billion yen. This amount is based on the progress, outcome and absorbance of the LA2. The total loan-package from JICA for the development of MRT Jakarta worth a total of 120.017 billion yen. The first loan package of 1.869 billion yen will be used for developing the basic engineering design at the Ministry of Transport [1.86 billion yen], management consultant hiring at the city administration [567 million yen] as well as tender consultant hiring by MRTJ [171 million yen] to prepare the construction tender. The second loan package of 48.150 billion yen, which has been signed on March 31, 2009, whilst the rest of the loan worth of 71.867 billion yen will be forwarded to the City Administration on lend-basis agreement. This loan scheme is planned to be in 4 stages, and in each stage, JICA will evaluate the cost of the project, in order to make sure that the project is not halted due to cost. JICA has given commitment to support the construction completion of the project. Majority of the project cost (around 85%) is provided by JICA using special STEP Loan Scheme (Special Terms for Economic Partnership). The rest of the cost is financed through APBN and APBD DKI Jakarta. |
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| Last Updated ( Tuesday, 19 May 2009 ) |
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