IFC Supports Green Retail, Tourism, and Property Projects in Indonesia with $275 Million Loan to
Friday, 9 April 2021 | 15:33 WIB
Jakarta, Indonesia, February 18, 2019 —IFC, a member of the World Bank Group, and PT CT Corpora (CT
Corp) today 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.
IFC’s 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
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 Corp’s expansion of its retail operations is expected to create over 30,000 new jobs in
Indonesia. In addition, working with over 6,000 suppliers—nearly 70 percent are SMEs—around 23,000
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. IFC’s support will help us expand and serve a growing number of
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 Indonesia’s strategic priority to develop the country’s tourism
sector supported by a World Bank loan of $300 million, IFC’s investment will also help Trans Corp
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
Further, addressing the needs of the middle-income population as well as the country’s housing
deficit, Trans Corp is developing more than 10,000 affordable apartments across multiple locations.
Trans Corp is also committed to promoting resource efficient buildings—worth at least $275
million—that meet IFC’s EDGE (Excellence in Design for Greater Efficiencies) Green Building
standard. The buildings
sector is Indonesia’s 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
of total energy by 2030. “IFC is delighted to engage with a leading Indonesian Group like CT Corp.
This financing package aims to maximize Indonesia’s private sector-led development, and support one
its key goals of creating jobs,” said Nena Stoiljkovic, IFC’s Regional Vice President for Asia &
Pacific. She added, “By embracing innovation and inviting private sector investment, Indonesia can
economic growth through a pipeline of sustainable and diverse projects.” IFC’s partnership with CT
Corp began with a Memorandum of Understanding signed by Philippe Le Houerou, CEO of IFC and Chairul
in October 2018.
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global
development institution focused on the private sector in emerging markets. We work with more than
businesses worldwide, using our capital, expertise, and influence to create markets and
opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23
billion in long-term
financing for developing countries, leveraging the power of the private sector to end extreme
poverty and boost shared prosperity. For more information, visit www.ifc.org
About CT Corp and Trans Corp
CT Corp is Indonesia’s leading integrated consumer-focused holding company, which includes two key
group entities: PT Mega Corpora (Mega Corp) and Trans Corp. Mega Corp holds the Group’s financial
operations and is committed to becoming a one-stop provider with services including banking,
insurance, capital markets and consumer financing. Trans Corp holds the Group’s, media, retail,
and property business. It has established strongly-positioned brands in the consumer market,
including Carrefour and TRANSmart, Indonesia’s largest hypermarket player; Trans TV and Trans 7, two
free-to-air channels; and Detik.com, the #1 online news portal in Indonesia. For more information,
please visit www.ctcorpora.com