International Finance Corporation (IFC), a member of the World Bank Group, is providing a loan package of USD 275 million to PT Trans Corpora (Trans Corp), a wholly owned subsidiary of CT Corp. CT Corp is a diversified Indonesian-based holding company, active in the financial services, media, lifestyle & entertainment and natural resources industry. The aim of the financing is to support the growth of its retail, tourism and property operations across the country.
IFC’s investment will help Trans Corp to add new retail stores across 25 cities by 2025 which is expected to create over 30,000 new jobs in Indonesia. Furthermore, they are also working with over 6,000 suppliers in Indonesia, of which 70% are Small and Medium Enterprises (SMEs), and create approximately 23,000 jobs in areas such as farming and distribution.
In terms of tourism, IFC’s investment will assist Trans Corp to expand its tourism operations. Trans Corp has an agreement with Accor, a global hospitality company, to develop 30 new hotels, creating another 6,000 rooms across Indonesia.
The loan would also help address Indonesia’s housing deficit, as Trans Corp property operations as the company is developing more than 10,000 affordable apartments across multiple locations. The company is also committed to promote resource efficient building to meet IFC EDGE (Excellence in Design for Greater Efficiencies) Green Building Standard. The building sector is Indonesia’s third-largest Energy consumer and made up as much as 27% of Indonesia’s total final Energy consumption.
(Source: International Finance Corporation; Antara News)