Jakarta Outer Ring Road Section W1

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Following a period of competitive negotiation, PT Jakarta Lingkar Baratsatu (JLB) signed a toll concession agreement to develop Jakarta Outer Ring Road Section W1, connecting Kebon Jeruk in West Jakarta with Penjaringan in North Jakarta, on a build, operate and transfer basis for a period of 35 years on Feb. 2, 2007. Financial closure was reached on Aug. 1, 2007, with the signing of a syndicated loan agreement between JLB and Bank Mandiri (MLA), Bank Bukopin, Bank DKI and Bank Panin. The 9.7 km road had an estimated investment cost of US$241 million, 31% of which (US$75 million) was be provided by JLB and 69% of which (US$166 million) was from the syndicated loan. The loan had a tenor of 11 years including a grace period of 3.5 years. Bank Mandiri alone was provide US$133 million of the financing. The remainder of the debt (US$33 million) was to be provided by Bank Bukopin, Bank DKI and Bank Panin. The main equity holders in JLB were PT Bangun Tjipta Sarana and Bosowa Group. A dispute between PT Bangun Tjipta Sarana and Bosowa group concerning their relative equity shares in JLB had prevented loan disbursement for several months during 2007-8. As of Dec. 31, 2008, construction of the toll road was 40% complete. Jan 2013, Cannot find info whether the road is operational or not Using IMF International Financial Statistics Annual Average exchange rate for 2007 of IDR9141 = US$1, total project cost of IDR2.207 trillion was calculated as US$241 million. Similarly, equity investment of IDR685 billion was calculated as US$75 million; debt component of IDR1.52 trillion was calulated as US$166 million; Bank Mandiri portion of debt equal to IDR1.22 trillion was calculated as US$133 million