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US Exim Bank Extends $278 Million Loan to Garuda
Boeing 737-500 Garuda Indonesia
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Indonesian Ambassador to the United States, Dorodjatun Kuntjoro-Jakti and US Exim Bank president, James A. Harmon signed a US$ 278 million loan agreement in Washington mid
December for the financing of 11 aircraft of Garuda Indonesia.
The 11 planes built by Boeing consist of six 737-300s and five 737-500s have already been operated by the state-owned national flag carrier for some time.
Spokesman for the Indonesian Embassy in Washington Mahendra Siregar said the money will help Garuda Indonesia pay its hire-purchase contract on the 11 aircrafts with Boeing.
He added that the singning of the accord marked the end of negotiations which began about three years ago. It took such a long time to complete the talks in view of the financial problems
faced by Garuda in 1997 and 1998 as the result of the monetary crisis.
The signing of the document is a proof that Garuda's condition has reached a turn-around, which is marked with the fact that the carrier has reached a load factor of 70 percent, the
Indonesian ambassador said during the signing ceremony in the presence of Garuda president Abdulgani and Boeing director Bill Baragar.
The economic recovery currently already underway will further boost recovery in air and sea transport in Indonesia, Dorodjatun said.
Abdulgani added, the agreement is an indication of support of the US Exim Bank and Boeing to the Indonesian airline company, although the completion of the negotiations took three
long years.
US Exim Bank president James Harmon, meanwhile, said the bank was happy to be able to contribute to the financing of the transactions which may support infrastructure development
in Indonesia.
"We will continue seeking the right methods in supporting viable transactions in Indonesia in line with the economic reforms being conducted by the Indonesian government. My meeting
with President Abudrachman Wahid in Washington last month has convinced me to adopt an optimistic attitude in viewing the developments taking place in Indonesia," James Harmon said.
In the loan agreement, Ambassador Dorodjatun acted by virtue of a power of attorney from the Finance Minister who is the lessee of the aircraft, and later subleased them to Garuda.
The US Exim Bank loan is based on a collateral consistting of the 11 aircrafts.
The occasion held at the Indonesian ambassador's official residence in Washington was also attended by several US State Departement officials and several American
businessmen.(Antara/ds)
Merpati Needs Fund
Merpati Nusantara desperately needs fund to restore their grounded fleet. Thus, the airline is seeking for a loan from some national banks for 25-30 million dollars. 'Actually, we need
about 420 billion rupiahs to maintain our fleet capacity and about 50 billion rupiahs for ground support,' said Budiman Rafioedin, Merpati's director of finance in Jakarta, last December. Merpati
currently has approximately 1.4 trillion rupiah debt, 800 billion of it from some banks and the rest from foreign suppliers. According to Rafioedin, 700 billion of the amounts have already been negotiated
in terms of the payment deal. The deal was rescheduling of payment and abolition of interests. 'The important thing is that we have firm intention to pay our debts. Then, we want to do business
cleanly and fairly,' said Rafioedin. On the other hand, Merpati's president director Wahyu Hidayat said, he would not insist in getting the loan.
(nie/ade)
JAS' New Face
PT Jasa Angkasa Semesta, Indonesia's airport handling services company begins this new millenium with a whole new face. Besides the logo, the company has a new corporate identity that
will reaffirm its market position as a one-stop, full service airport handling company.
The new logo still uses the word "JAS" which is already well known as the company's identity, according to Landor Associates who also designed Garuda Indonesia's logo. The word "JAS"
is followed by blue and green elliptic figures, which imply embracing arms, expressing JAS' commitment towards customer satisfaction while maximizing the potential of its staff. The new logo
also reflects all JAS' products and services. While blue means strength and responsibility, the green means freshness and originality.
Founded at 1985, JAS has grown from a small ground handling company to a company that offers airport service, cargo handling and warehousing. 'With our new identity, the company's philosophy
is oriented to customer satisfaction, responsive, proactive, and responsible to both customers and employees. We are proud to enter the new millennium with a fresh perspective,' told JAS' president director
Arifin Sarodji.
According to JAS' vice president Diono Nurjadin, amid the poor number of flights in Soekarno-Hatta International Airport since the crisis, the company is growing. It also plans to offer
catering services. 'We have the information that for the year 2000, many international airlines will increase their Jakarta flights," said Nurjadin.
Today JAS handles 21 international airlines in Jakarta's Soekarno-Hatta airport. 'The number is 72 percent of all international airlines flying to Jakarta,' added JAS' director of
operation A.Sumardi. PT Gapura Angkasa, Garuda and Angkasa Pura's joint company handles the rest. JAS also handles eight international airlines in Bali's Ngurah Rai, four airlines in Surabaya's Djuanda,
and one airline in each Ujung Pandang's Hasanuddin and Manado's Sam Ratulangi. The only national carrier handled by JAS is Airfast.
There are changes in JAS' ownership. It's former 51% share by Bimantara is now owned by Cardig Air which becomes JAS' sub holding company while its 49% is still owned by PT JAS
itself. According to director of finance and administration Djattie Soedradjat, JAS is in the beginning of a process to become a public listed company. In addition, it plans to invite foreign investor
in upgrading its airport operational devices. 'We need US$ five million for the replacement and maintenance of equipment,' said Djattie.
Formerly known as sub-company of Bimantara, PT JAS is now changing its image. As said by one of its staff, "Don't consider JAS as Bimantara anymore!"
(nie/ade)
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