Latest news with #creditline
Al Jazeera
4 days ago
- Business
- Al Jazeera
India's Modi pledges $565m to Maldives to boost infrastructure
Indian Prime Minister Narendra Modi has announced a $565m credit line and launched free trade talks with the Maldives during a visit to the Indian Ocean archipelago. Modi's two-day trip, which began on Friday, is aimed at boosting India's development partnership with the Maldives, where India competes with China for influence. The Indian prime minister said the credit line was central to that goal. 'This will be used for projects linked to infrastructure development in line with the priorities of the Maldivian people,' he said, adding that the two countries would also finalise a bilateral investment agreement. Modi, who is making his first official visit to the Maldives since winning a third term last year, also stressed that India will remain the 'first responder' for the country, which has a population of approximately 525,000 people. 'India will continue to support the Maldives in strengthening its defence capabilities,' he said. 'Peace, stability, and prosperity in the Indian Ocean region are our shared goals.' India had been concerned that the Maldives was drifting towards the orbit of its rival China following the 2023 election of President Mohamed Muizzu on an anti-India platform. Since coming to power, Muizzu broke tradition by choosing to travel to China before visiting India. He also secured the withdrawal of a small contingent of Indian military personnel, who operated two search-and-rescue helicopters and a fixed-wing reconnaissance aircraft based in the archipelago. Muizzu's moves briefly soured relations with New Delhi, before India helped to prevent the $7.5bn economy from defaulting on its debt as the Maldives struggled to get tourists to its white-sand beaches and luxury resorts. Muizzu has since visited India and toned down his anti-India rhetoric. He also met Modi twice last year in New Delhi, with both leaders pledging to begin a 'new chapter' in bilateral ties. On Friday, Muizzu said the credit line from India would be used to strengthen the Maldives' security forces, as well as improve healthcare, housing, and education. 'India's continued assistance to the Maldives through the export of essential commodities is a key facet of our bilateral cooperation,' he said. Modi is due to leave the archipelago on Saturday after attending the country's 60th Independence Day celebrations in the capital, Male. The Indian prime minister will also remotely inaugurate an expansion of the international airport on the island of Hanimaadhoo, which India is helping to finance.
Bloomberg
5 days ago
- Business
- Bloomberg
India Gives $565 Million Credit Line to Maldives as Ties Reset
By and Eltaf Najafizada Save India extended a $565 million credit line to the Maldives during Prime Minister Narendra Modi's visit to the island nation, signaling a reset in relations. The line of credit would be 'utilized for priority projects of my government' across key sectors including defense, education, and health, Maldivian President Mohamed Muizzu said during a joint press conference with Modi on Friday in Male.
Zawya
11-07-2025
- Business
- Zawya
Danantara Indonesia to draw down $3bln from $10bln credit line, sources say
JAKARTA - Indonesian sovereign wealth fund Danantara is likely to draw down $3 billion initially from a $10 billion credit line and use it for investments including a chemical plant and co-financings with Qatar's and China's wealth funds, sources said. The credit line, which a source said has been secured from five foreign banks, would become the biggest such loan disbursed in Southeast Asia by private sector banks when fully drawn down. The facility also represents the first private sector funding for Danantara, which was set up in February and given control of more than $900 billion worth of assets. Daya Anagata Nusantara - better known as Danantara - is part of an ambitious plan of President Prabowo Subianto who swept to power last year by promising to grow the $1.5 trillion economy at a rate of 8% compared to the current 5%. Danantara did not respond to a request for comment. The two sources, who had direct knowledge of the matter, asked to remain anonymous because they were not authorised to speak to the media. One of the projects the initial drawn down sum will be used for is a roughly $800 million chlor-alkali and ethylene dichloride plant of petrochemical firm Chandra Asri Pacific , one of the sources said. In June, Danantara and the Indonesia Investment Authority, the country's first sovereign fund, said they might become new investors in the project, which will produce material used in the water treatment, soap, alumina, and nickel industries. Earlier this year, Danantara also signed agreements separately with the Qatar Investment Authority and China Investment Corporation on potential co-investments. It was not immediately clear which projects in these partnerships would be financed by the initial drawn down amount. DBS, HSBC, Natixis SA, Standard Chartered and United Overseas Bank were appointed this week as the lead arrangers for the $10 billion facility, one of the sources said, adding they were among 11 foreign banks that submitted proposals. DBS, Natixis and HSBC declined to comment, while the other two banks did not immediately respond to requests for comment. The $10 billion credit facility will be available for the next three years, the source said, adding that Danantara had no plans to issue bonds at the moment. The facility carries interest rates on par with Indonesian sovereign bond yields, and each bank committed to lend $1 billion without security and government guarantees, the source said, adding: "Danantara is a sovereign." As a comparison, Indonesia sold in January $900 million worth of five-year U.S. dollar-denominated bonds with a 5.30% yield. Loan proposals from some other foreign banks were considered but they could not agree on terms as those lenders had asked for a government guarantee, the source said. As lead arrangers, they will typically bring in other banks to fund the remainder of the total facility. (Reporting by Stefanno Sulaiman in Jakarta and Yantoultra Ngui in Singapore; Editing by Gibran Naiyyar Peshimam and Muralikumar Anantharaman)
Reuters
11-07-2025
- Business
- Reuters
Danantara Indonesia to draw down $3 billion from $10 billion credit line, sources say
JAKARTA, July 11 (Reuters) - Indonesian sovereign wealth fund Danantara is likely to draw down $3 billion initially from a $10 billion credit line and use it for investments including a chemical plant and co-financings with Qatar's and China's wealth funds, sources said. The credit line, which a source said has been secured from five foreign banks, would become the biggest such loan disbursed in Southeast Asia by private sector banks when fully drawn down. The facility also represents the first private sector funding for Danantara, which was set up in February and given control of more than $900 billion worth of assets. Daya Anagata Nusantara - better known as Danantara - is part of an ambitious plan of President Prabowo Subianto who swept to power last year by promising to grow the $1.5 trillion economy at a rate of 8% compared to the current 5%. Danantara did not respond to a request for comment. The two sources, who had direct knowledge of the matter, asked to remain anonymous because they were not authorised to speak to the media. One of the projects the initial drawn down sum will be used for is a roughly $800 million chlor-alkali and ethylene dichloride plant of petrochemical firm Chandra Asri Pacific ( opens new tab, one of the sources said. In June, Danantara and the Indonesia Investment Authority, the country's first sovereign fund, said they might become new investors in the project, which will produce material used in the water treatment, soap, alumina, and nickel industries. Earlier this year, Danantara also signed agreements separately with the Qatar Investment Authority and China Investment Corporation on potential co-investments. It was not immediately clear which projects in these partnerships would be financed by the initial drawn down amount. DBS ( opens new tab, HSBC (HSBA.L), opens new tab, Natixis SA ( opens new tab, Standard Chartered (STAN.L), opens new tab and United Overseas Bank ( opens new tab were appointed this week as the lead arrangers for the $10 billion facility, one of the sources said, adding they were among 11 foreign banks that submitted proposals. DBS, Natixis and HSBC declined to comment, while the other two banks did not immediately respond to requests for comment. The $10 billion credit facility will be available for the next three years, the source said, adding that Danantara had no plans to issue bonds at the moment. The facility carries interest rates on par with Indonesian sovereign bond yields, and each bank committed to lend $1 billion without security and government guarantees, the source said, adding: "Danantara is a sovereign." As a comparison, Indonesia sold in January $900 million worth of five-year U.S. dollar-denominated bonds with a 5.30% yield. Loan proposals from some other foreign banks were considered but they could not agree on terms as those lenders had asked for a government guarantee, the source said. As lead arrangers, they will typically bring in other banks to fund the remainder of the total facility.
Bloomberg
01-07-2025
- Business
- Bloomberg
Arini Backs New Victoria Loan as Carpet Maker's Maturities Loom
Arini Capital Management is the lender behind a £130 million ($179 million) credit line that will help British carpet maker Victoria Plc manage upcoming debt maturities, according to people familiar with the matter. Victoria, based in Kidderminster in central England, reached an agreement over the loan to replace an existing super senior revolving credit facility due in February, the company said in a statement Monday, without specifying the funding source. The facility came entirely from the credit fund founded by Hamza Lemssouguer, said the people, who asked not to be identified because the matter is private.
