The banks include China Development Bank Corporation (CBD), Industrial and Commercial Bank of China Limited (ICBD), and the Hong Kong and Shanghai Banking Corporation Limited (HSBC), Irvan K. Hakim, the president of the state company said in a statement published here Friday, adding that the loan was signed on 15 August 2012.
"The loan is part of the fund needed to build a blast furnace complex with a production capacity of 1.2 million tons a year," Irvan said here on Friday.
He said the contractor to build the factory is a consortium of MCC-Capital Engineering & Research Indorporation Limited (MCC-CERI), MCC-ACRE and PT Krakatau Engineering.
"The syndicated loan to be repayable in in eight years include US$80 million from CBD, US$80 million from ICBC and US$40 million from HSBC," he said.(DWA)