IFC grants Summit Oto a US$200 million loan

JAKARTA: PT Summit Oto Finance gained a US$200 million loan to support expansion in financing.

Data compiled by Bisnis last week showed that Summit Oto secured US$25 million loan from World Bank's business arm, International Finance Corporation (IFC). Besides, IFC also helps mobilise US$175 million funding for Summit Oto.

Yet, Corporate Secretary Summit Oto Finance Saiful Ichlas while contacted, declined to comment on the loan issue.

"I can not say yes or no, need to get confirmation from our treasury division. We can not yet announce the matter, there will be a press conference," he said.

In July 2010, the company also had US$75 million loan from IFC, which was delivered in two stages, US$50 million and US$25 million each.

At IFC's website, it said that the loan was aimed at helping expand access to credit of motorcycle, which has been part of business needs and important transportation for small enterprises and low-income people. (NOM)