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OTO Finance
Summary of Proposed Investment

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only.

Project number 26428
Company namePT Summit Oto Finance
Country
Indonesia
Sector1Finance Companies - Consumer Finance
Environmental categoryC
Department
StatusCompleted
Date SPI disclosedMarch 26, 2008
Projected board dateMay 16, 2008
Previous EventsInvested: December 2, 2008
Signed: September 26, 2008
Approved: July 22, 2008
  Overview     Sponsor/Cost/Location     Development Impact     Contacts     Attachments  

Project description
The proposed project consists of an IFC loan in fixed rate Indonesian Rupiah to PT. Summit Oto Finance (SOF or the company), a motorcycle finance company based in Jakarta, Indonesia, and part of Sumitomo Corporation Group. The proposed investment is consistent with all aspects of IFC’s strategy. It would represent a stable source of funding which would help SOF to:

- expand its motorcycle financing activities to low income consumers,
- diversify its funding base, and
- reduce interest rate risks and better match its assets and liabilities.

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