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IFC, a member of the World Bank Group, and PT CT Corpora (CT Corp) announced their first investment transaction together, in which IFC is providing a loan package of $275 million to PT Trans Corpora (Trans Corp), a wholly owned subsidiary of CT Corp. The aim is to support the growth of its retail, tourism, and property operations across the country.
IFCs investment will help Trans Corp add new retail stores across 25 cities by 2025. This will subsequently boost the growth of modern retail infrastructure across the country and improve consumers access to a range of quality products. It will further develop local supply chains, involving a larger base of local suppliers and Small and Medium Enterprises (SMEs).
Trans Corps expansion of its retail operations is expected to create over 30,000 new jobs in Indonesia. In addition, working with over 6,000 suppliersnearly 70 percent are SMEsaround 23,000 indirect jobs will be created in areas such as farming and distribution.
We are honored to partner with a global player like IFC with extensive global experiences, extensive networks, and knowledge. IFCs support will help us expand and serve a growing number of customers with innovative products and services, while also investing in their future by adopting more sustainable business practices, said Chairul Tanjung, CT Corp Chairman.
In line with the government of Indonesias strategic priority to develop the countrys tourism sector supported by a World Bank loan of $300 million, IFCs investment will also help Trans Corp expand its tourism operations. In addition to its existing properties, the Group has an agreement with Accor, a global hospitality company, to develop 30 new hotels, adding nearly 6,000 new rooms across the country.
Further, addressing the needs of the middle-income population as well as the countrys housing deficit, Trans Corp is developing more than 10,000 affordable apartments across multiple locations.
Trans Corp is also committed to promoting resource efficient buildingsworth at least $275 millionthat meet IFCs EDGE (Excellence in Design for Greater Efficiencies) Green Building standard. The buildings sector is Indonesias third-largest final energy consumer and accounts for approximately 27 percent of total final energy consumption. If left unmitigated, buildings are likely to consume nearly 39 percent of total energy by 2030.
IFC is delighted to engage with a leading Indonesian Group like CT Corp. This financing package aims to maximize Indonesias private sector-led development, and support one of its key goals of creating jobs, said Nena Stoiljkovic, IFCs Regional Vice President for Asia & Pacific. She added, By embracing innovation and inviting private sector investment, Indonesia can boost economic growth through a pipeline of sustainable and diverse projects. IFCs partnership with CT Corp began with a Memorandum of Understanding signed by Philippe Le Houerou, CEO of IFC and Chairul Tanjung in October 2018.