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Pelindo II needs $1.1bn for Indonesian port expansion plan

Pelindo II needs $1.1bn for Indonesian port expansion plan
Indonesian state-owned port operator Pelindo II, apparently putting more feelers out to the financial market, says it needs IDR14trn ($1.1bn) to build and develop five ports across Indonesia by 2019, according to local reports.

Three ports, Sorong, Kijing and Tanjung Carat are set to begin their development work this year while development of two other ports, in Bojonegara and Cirebon, is scheduled to start in 2016.

Pelindo II said it would raise funding from internal cash, bank loans, bonds and investors and all but ruled out any capital injection from the government.

“We cannot provide details [of the funding source] now, but we are not relying on any government assistance,” Richard Lino president director of Pelindo II was quoted as saying.