REPUBLIKA.CO.ID, SURABAYA -- State-owned port operator, Indonesia Port Corporation (IPC) III obtains foreign loans worth 121,241,870 USD or 1.2 trillion IDR from Credit Suisse and Deutsche Bank of London. President Director of IPC III, Djarwo Suryanto said that the loan had through a long way.

Suryanto said that he had to get permission from Ministry of State Owned Enterprises, National Development Agency (Bappenas), Ministry of Transportation, Ministry of Finance, Bank Indonesia (BI) and Coordinating Ministry for Economic Affairs.

"After we obtained the permission, we finally negotiated the loan," Suryanto said recently.

The loan has low interest rates or about 1.39 percent with a repayment period of seven years. The scheme is Export Credit Agency through Finnvera, an insurance agency of Finland.

This loan is aimed to finance procurement of 10 units of Ship to Shore Cranes (STS) and 20 units of Automated Stacking Cranes (ASC). Both tools are made by Konecranes, a Finnish company, which produces heavy equipment. It will be operated at Teluk Lamong terminal in Surabaya, East Java. This terminal is expected to operate in September 2014.

The signing of loan agreement has been carried out by IPC III and banks on August 30, 2013, while signing of supply agrement by IPC III and Konecranes on March 1, 2013. Equipment, which was ordered by IPC III will come in January 2014.

Finance Director of IPC III, Suparyono said that loan payment would begin in August 2015 worth 17.5 million USD per month. He is optimistic that company can repay the loan. 

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