Targets To Raise IDR 24 Trillion From Two Debt Instruments In Two Years, LPEI Only Realizes IDR 148 Billion

Illustration. (Photo: Doc. Antara)

JAKARTA - The Indonesian Export Financing Agency (LPEI) or Indonesia Eximbank must end the period of issuance of sustainable bonds V and sukuk mudharabah II, without achieving the planned funding target. The reason is because there is a change in the fundraising strategy.

The decision was stated in a signed letter from the LPEI Managing Director for Institutional Relations Chesna F. Anwar and the LPEI Finance and Operations Managing Director Agus Windiarto in an information disclosure to the Indonesia Stock Exchange (IDX), Thursday 30 June.

In the letter, it was explained that LPEI's Sustainable Bond V targeted Rp22 trillion in funds, while the mudharabah sukuk was Rp2 trillion. These two notes are valid for two years starting June 30, 2020.

"However, in its implementation, the total funds raised from Bond V and Sukuk Mudharabah II reached Rp148 billion," the letter said.

The details are continuous bonds V phase I IDR 48 billion and sukuk mudharabah II phase I IDR 100 billion.

That way, there is still a fund target that has not been collected in the amount of Rp. 23.85 trillion. "This happened because of a change in the fundraising strategy and taking into account the liquidity conditions of the LPEI which were adequate to meet the financing of productive assets in the form of export financing," said LPEI management.