Indosurya Finance (IFC-39541)

Regions
  • East Asia and Pacific
Where the impacts of the investment may be experienced.
Countries
  • Indonesia
Where the impacts of the investment may be experienced.
Specific Location
Java, Sumatra and Bali.
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 15, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
INDOSURYA INTI FINANCE, PT
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 80.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 14, 2018

Disclosed by Bank Apr 12, 2017


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Project Description

According to IFC website, the proposed project comprises of providing, PT Indosurya Inti Finance, a multi finance company based in Indonesia, a secured senior loan of up to US$80 million. IFC shall participate with up to US$35 million while the balance will be mobilized through a parallel or B loan on a best effort basis.The security is expected to include a pledge over specific eligible receivables.The funding shall be used to support the growth of the Company’s small and medium enterprises (SME) portfolio. Indosurya started operations in 2011 and now operates with an asset base of US$230 million as of December 31, 2016 serving close to 2,000 clients. The project is expected to have impact on the following areas: 

1. Promoting financial inclusion and deepening the Non-Banking Financial Institution Sector in Indonesia;

2. Increasing access to SME Finance, by increasing outreach to small and medium scale entrepreneurs and;

3. Creating a Demonstration Effect.  

Investment Description
  • International Finance Corporation (IFC)
Private Actors
  • PT. Indosurya Inti Finance -- Financial Intermediary

Indosurya is majority owned by Surya Effendy, who owns 80.4% of shares, while Henry Surya, the current CEO of the Company, owns the remaining 19.6% of shares.

Indosurya is one of the companies that form the Indosurya Group which was founded by Mr Effendy in 1975. It comprises of companies across the financial and property sectors, including in securities/brokerage, asset management, credit union, life insurance and capital market advisory. The Group has an estimated asset base of more than US$1bn.

Contact Information

Project Contact: Junus Octora
CFO, PT Indosurya Int Finance
Telephone No.: +62 21 38 909068
Email Address: junus.octora@indosuryafinance.com 

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/