PT Jogjasolo Marga Makmur Receives IDR 9,893 Trillion for Phase I of Jogja-Solo Toll Road Construction

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- PT Jogjasolo Marga Makmur (JMM), the toll road management company for the Solo-Yogyakarta-YIA Kulon Progo route, has obtained a syndicated credit facility worth IDR 9,893 trillion ($680 million) for the construction of Phase I, a total of 49.25 km.

The Syndicated Credit Agreement was signed in Jakarta on Friday (23/12) by PT JMM's CEO, Suchandra P. Hutabarat, with the syndicate creditors, including BBNI, BMRI, BBCA and BBRI, acting as joint mandated lead arranger & bookrunner (JMLAB). 

The signing also involved one infrastructure financing institution and nine conventional and Islamic banks, including PT Sarana Multi Infrastruktur (Persero), PT Bank Syariah Indonesia Tbk (BRIS), BCA Syariah, Bank DKI, Bank BJB Tbk (BJBR), Bank Jateng, BPD DIY, BPD Bali, Bank Sumsel Babel, and Bank Papua.

Director General of Infrastructure Financing of the Ministry of Public Works and Housing (PUPR), Herry Trisaputra Zuna, said that the construction of the Jogja-Solo toll road as a National Strategic Project (PSN) will boost connectivity in Yogyakarta, Solo, and Semarang. In addition, this connectivity will also facilitate the mobility of the public and the distribution of goods/services, especially because the toll road will connect three airports at the same time in Solo, Semarang, and Yogyakarta.

"Therefore, with the signing of this syndicated credit, it is hoped that land acquisition and construction stages can be carried out according to the predetermined schedule so that the Jogja-Solo toll road can immediately benefit the public," said Herry in his statement.

PT JMM's CEO, Suchandra P. Hutabarat, thanked the creditors for their trust and support for PT JMM, which is reflected in this syndicated credit agreement. He hopes that with the support provided, the construction of the Jogja-Solo toll road can proceed as planned with good quality and standards.

To date, the construction progress for the Jogja-Solo Section 1 Kartasura-Purwomartani has reached 25.79%. With the support of this syndicated credit, PT JMM is more optimistic about being able to meet the target for the construction of the Jogja-Solo toll road, especially Phase I.

"As instructed by shareholders, positive steps and efforts to improve in all lines and good corporate governance will be carried out and implemented consistently in order to achieve the target and benefit the public," said Suchandra.

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