JV Housing Indo (IFC-41368)

  • Indonesia
Geographic location where the impacts of the investment may be experienced.
Specific Location
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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Sep 28, 2018
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Finance
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 3.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 3.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Corporate Actor Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS May 7, 2020

Disclosed by Bank Aug 10, 2018

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The investment from IFC aims to support and found a specialized mortgage finance company (“company”) in Indonesia as a joint venture with PT Indosurya Inti Finance, Surya Effendy, Henry Surya (collectively referred to as “Indosurya”), IFC and the other international investor(s). 

PT Indosurya Inti Finance, is a multi-finance company based in Indonesia, 100% owned by the Surya Family. Set up in 2011, it provides collateral based SME financing with an asset base of US$280 million as of March 31, 2018, serving close to 2,000 clients. The proposed shareholders of the housing Company are: Indosurya – 65%,  IFC -20%, others – 15%    

The Company shall provide mortgage financing primarily to low to middle-income borrowers including self-employed individuals who typically lack adequate access to housing finance in Indonesia. The Company will encourage the green housing market in Indonesia through its lending and advisory activities.

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

Stakeholder Impact: -
IFC anticipates the project to improve access to affordable housing finance for individual homebuyers in the low to middle income segment. Individual homebuyers are likely to benefit from increased affordability and better terms. The Project is also expected to create/facilitate jobs - housing investment has a strong multiplier effect across the economy given the number of linked sectors, such as production of building material, construction sector, or financial services. For every housing unit built, leads to the creation of between 5 and 8 jobs (International Housing Solutions, By Francois Viruly and Aly Karam, (2011)). It also stimulates demand for ancillary industries such as steel, cement and building materials.
- Market Impact Assessment:
- Competitiveness: IFC anticipates the Project will demonstrate the viability of affordable housing finance to the non-salaried low-middle income segment as well as pushing green housing standards. If the business model is replicated successfully by other local FIs and NBFIs, the supply of affordable housing finance is expected to grow and increase market competition as well as private sector participation.
- Inclusiveness: IFC expects the Project to improve inclusiveness by attracting other FIs to affordable housing finance by building market capacity, fostering market-wide access to affordable housing solutions, promoting business model and product innovation, while benefitting socio-economically disadvantaged groups and having a transformational impact in the nascent market, where mortgage penetration rates are around 3.0%

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

 The project sponsor is Indosurya. Mr. Surya Effendy and Mr. Henry Surya (referred to as “Surya Family”) collectively own several companies across the financial and property sectors, including in securities/brokerage, asset management, credit union, life insurance and capital market advisory.

Collectively the companies have an asset base of more than US$1bn and the first company was founded by Mr. Effendy in 1975.

IFC’s initial equity investment in the Company is expected to be of around US$3.0 million in IDR. Additional contributions to the equity of the Company would be considered in line with business situation. 

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

PT. Indosurya Inti Finance provides financing solutions for businesses and individuals in Indonesia. It offers engine, inventory, construction, and heavy equipment financing, as well as loans for properties, such as home/commercial/apartment/office; micro credit solutions for personal or business use; and used car financing services.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

1/ The Project Contact

Indosurya Inti Finance 
Mr. Mulyadi Tjung 
Managing Director 
+62 21 38909068 
Jalan MH Thamrin no 3, Jakarta  Pusat 

2/The IFC Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384


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/

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How it works