PT Perusahaan Listrik Negara (Persero) (MIGA-14660)

Countries
  • Indonesia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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
Aug 31, 2020
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.
Borrower
Citibank, N.A., Singapore Branch
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Climate and Environment
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 522.30 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.
Primary Source

Original disclosure @ MIGA website

Updated in EWS Aug 12, 2021

Disclosed by Bank Jan 19, 2021

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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.

According to the bank document, "on January 8, 2021, MIGA issued guarantees of US$522.3 million to cover non-shareholders loans by:

Citibank, N.A., Singapore Branch of the United States of America,

DBS Bank Ltd. of Singapore, JPMorgan Chase Bank, National Association, Singapore Branch of the United States of America,

KfW IPEX-Bank GmbH of Germany, Landesbank Baden-Wurttemberg Singapore Branch of Germany, Oversea-Chinese Banking Corporation Limited of Singapore, Standard Chartered Bank (Singapore) Limited of Singapore and PT Bank BTPN Tbk of Indonesia (together, the Guarantee Holders)

to the Indonesian state-owned enterprise PT Perusahaan Listrik Negara (Persero) (PLN) to finance medium-term working capital expenses.

The Guarantee Holders had applied for a MIGA guarantee covering non-shareholder loans of US$500 million in principal and associated future interests for a term up to 5 years.

MIGA’s support for this Project forms part of MIGA’s US$6 billion COVID-19 response package and is aligned with the World Bank Group’s Fast Track COVID-19 Facility to assist member countries in addressing the global pandemic and its impacts. The Project is also consistent with MIGA’s ongoing strategic priority areas that includes supporting projects that have climate change benefits".

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Perusahaan Listrik Negara (PLN) Undisclosed -
- - - - PT Bank Tabungan Pensiunan Nasional Tbk (BTPN) Client -

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.

*There is no further information being disclosed at this stage of the project*

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://www.miga.org/contact/access_to_information

You can also request general information about MIGA and for information on guarantees by emailing: migainquiry@worldbank.org

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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

How it works

How it works