REPUBLIKA.CO.ID, JAKARTA -- State-owned port operator PT Pelindo I said it will set aside Rp34 trillion for port development until 2019 to support President Joko Widodo's sea toll road program.

The fund will include internal fund, bank loans and fund raised through sales of corporate bonds,Pelindo I president director Bambang Eko Cahyono said here on Wednesday (14/1).

Bambang said in the next five years there are tens strategic projects as part of the sea toll road project.

The sea toll road project will include revitalization and expansion of old ports and construction of new ports to facilitate sea transport between the western part and the more backward regions of the country.

Among the project are expansion of the container terminal of the port of Belawan, and dredging of the port basin, and modernization and relocation of passenger terminal, and revitalization of dry bulk terminal in North Sumatra port.

In Kuala Tanjung, Pelindo I has a multipurpose terminal and industrial estate.

Other projects are container terminals in the ports of Sibolga, Dumai and Malahayati of Aceh, in Kijang (Tanjung Pinang), Batam, Perawang (Pekanbaru) and liquid bulk terminal in Calang of Aceh, and a cargo pier in Gunung Sitoli of Nias island.

"Work will start in all of the projects this year to be completed in 1-2 years," Bambang said.

He said Pelindo I would not be alone to carry out the projects, adding it would cooperate with a number of other state companies such as construction companies Pembangunan Perumahan, Waskita Karya, Wijaya Karya and Hutama Karya , and aluminum smelter Inalum, and plantation company PTPN III.

Pelindo I will established joint venture subsidiaries with other state companies, he said.

He said Pelindo I will contribute only Rp6 trillion to the total cost with partners to put up Rp3.4 trillion and the rest in bank loans and bond.

Bank Mandiri and Bank Rakyat Indonesia (BRI) have agreed to provide a loan of Rp1 trillion each in 2015, he said.

At the same time Pelindo I which operates 5t ports will issue bond valued at Rp350 billion, he added.

The company has set a target to chalk up Rp2.3 trillion in income or an increase of 12 percent from 2014 with net profit target set at Rp605 billion up from Rp550 billion in 2014.

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