ICBC provides $20 million working capital loan to joint venture PT Ritel Bersama Nasional

$20M USD

Funder	Industrial and Commercial Bank of China (ICBC)
Recipient Organization	PT Ritel Bersama Nasional (JD.ID)
Country	Indonesia
Start Date	Jan 01, 2018
End Date	Jun 14, 2031
Duration	4,912 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`66401`

Grant Description

ICBC provides $20 million working capital loan to joint venture PT Ritel Bersama Nasional In 2018, the Corporate Banking branch of Bank ICBC Indonesia provided a working capital loan of US$20 million to PT Ritel Bersama Nasional (JD.ID). The facility will be used for the borrower's operational needs, mainly for inventory purchases.

ICBC Indonesia's 2018 Annual Report states that this financing was carried out by Corporate Banking in 2018. The loan details of the project are unclear.

Ritel Bersama Nasional is a joint venture between Jingdong group (JD.com), one of China's largest online Business-to-Consumer (B2C) retailers, and Provident Capital group, the largest investment company in Southeast Asia.

Provident has investments across a variety of industries, including telecommunications, infrastructure, mining, real estate, plantation, and biofuels.

📚 Sources & References

Annual Report 2018
PROFESSIONAL WORK REPORT ANALYSIS OF PURCHASE ORDER PAYMENT PROCESS (PO) FINANCE AND ACCOUNTING DIVISION AT PT JINGDONG INDONESIA PERTAMA Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.