REPUBLIKA.CO.ID, JAKARTA -- Publicly traded state lender PT Bank Negara Indonesia (BNI) and two other state banks will finance the construction of the Kuala Tanjung port, North Sumatra.
The three state banks would contribute 70 percent to the total cost of Rp3.176 trillion to build the multipurpose port.
Construction of the port will start in May 2015 to be completed in two years by contractor PT Prima Multi Terminal (PMT).
PT Prima Multi Terminal is a joint venture between state owned port operator PT Pelindo I, and two state-owned construction companies PT Pembangunan Perumahan and PT. Waskita Karya.
Corporate Secretary of BNI Tribuana Tunggadewi said the involvement of three state financiers will show synergy between state lenders.
The financing of the port project is a form of support by BNI in the maritime sector as a strategic sector in the country's economic development.
The maritime sector is high in priority in the development program of President Joko Widodo government.
Until December, 2014, BNI has provided Rp8.7 trillion in finance for the maritime sector, Tribuana said.
He said BNI is ready to increase financial support for development of the maritime sector in the future.
The port of Kuala Tanjung is part of the Sei Mangle integrated project designed to facilitate exports from crude palm oil in bulk and container goods from North Sumatra and nearby regions.
The port would be able to accommodate large ships that it would contribute to improve efficiency in logistics and boost the economy of North Sumatra.
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