JV Housing Indo (IFC-41368)

  • Indonesia
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
Bank Risk Rating
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
Sep 28, 2018
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.
The holder of the loan, grant, or other investment.
  • 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, etc.
Investment Amount (USD)
$ 3.00 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)
$ 3.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation 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

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

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
  • International Finance Corporation (IFC)

 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
Private Actors
Private Actors Description

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

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


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