Fasilitas Dan Prosedur Pembiayaan IDB

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Bahan Diskusi Intern BKF. Disampaikan oleh Nanang Zainal Arifin, Kepala Subbidang Kerja Sama Bank Pembangunan dan OKI.

Bahan Diskusi Intern BKF. Disampaikan oleh Nanang Zainal Arifin, Kepala Subbidang Kerja Sama Bank Pembangunan dan OKI.

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  • 1. FASILITAS DAN PROSEDUR PEMBIAYAAN OLEH ISLAMIC DEVELOPMENT BANK (IDB) Diskusi internal Badan Kebijakan Fiskal Selasa, 1 Juni 2010 Oleh: Nanang Zainal Arifin Pusat Kebijakan Kerja Sama Internasional
  • 2. I. IDB Highlight  Establishment  Membership  Headquarter and Regional Offices  Shareholders  IDB Vision and Mission 1440H (2020)  Structure Organisation II. Facilities (Products and Services)  Priority sector  IDB Window  Modes of Financing III. Procedures IV. IDB’s Operation in Indonesia IV. Future Action
  • 3.  Ministry of Finance is IDB Governor Office and BKF is the Secretariat of IDB Office.  Government expects IDB to increase financing for private sector.  IDB facilities can be utilized optimally.  Islamic Finance Industry will evolve in the future.
  • 4. •Establishment • Purpose • Membership • Capital • Head Office and Regional Offices • Accounting Unit • Languange
  • 5. Islamic Development Bank (IDB) • Established in 1975 to foster socio-economic development in member countries and Muslim communities in compliance with Shari’ah. • Authorized capital of US$ 45 billion • Subscribed capital of US$ 22 billion •Paid-up capital of US$ 5.3 billion rating by Moody’s Investors Service, Fitch Ratings, Standard & Poors. • Zero-Risk Rating by the European Parliament
  • 6. Europe: 2 Africa: 27 Asia: 26 Latin America: 1 • A Unique Model of South-South Cooperation • 56 members spreading over 4 continents • 22 countries in 1975 → 56 countries in 2009
  • 7. IDB Regional Offices Dakar, Sene Almaty gal Kazakhstan Regional Offices Kuala Rabat, Moro Lumpur, cco Malaysia In addition, there are currently 12 Field Representatives in some countries
  • 8. Indonesia, 2.7 Others, 10.07 Saudi Arabia, 24.44 Pakistan, 3.05 Algeria, 3.05 Kuwait, 6.54 Libya, 9.81 UAE, 6.94 Turkey, 7.73 Iran, 8.58 Qatar, 8.61 Egypt, 8.48
  • 9. Special Assistance, $ 0.7 bn, (1%) Projects, $ 28.14 bn, (44%) Trade, $ 34.78 bn, (54%) Technical Assistance, $ 0.29 bn, (1%) Net Cum. End 2009 = US$ 63.90 billion
  • 10. “ By the Year 1440H (2020) IDB shall have become a world-class development bank, inspired by Islamic principles, that has helped significantly transform the landscape of comprehensive human development in the Muslim world and helped restore its dignity.”
  • 11. “We are committed to alleviating poverty, promoting human development, science & technology, and Islamic banking & finance, and enhancing cooperation among our member countries, in collaboration with development partners”
  • 12. IDB Organizational Structure Group BOARD OF Shari’ah GOVERNORS Group Board BOARD OF EXECUTIVE Operations General DIRECTORS Evaluation Council Group Internal Group Audit Ombudsman IDB Group Group Risk President Management Integrity Officer Group World Waqf Strategic Foundation Planning VP VP VP Chief (Corp (Fin.) (Opr.) Econ. Serv.)
  • 13. IDB: Six Priority Areas  Human Development  Agriculture Development and Food Security  Infrastructure Development  Intra-trade Among Member Countries  Private Sector Development  Research and Development in Islamic Economics, Banking and Finance
  • 14. Islamic Development Bank (IDB) Islamic Corporation for Islamic Research Insurance of & Training Investment & Institute (IRTI) Export Credit (ICIEC) IDB Group Islamic Corporation International for the Islamic Trade Development Financing of the Private Corporation Sector (ITFC) (ICD)
  • 15. Islamic Research & Training Institute (IRTI) • Research Seminars & Conferences • Training Courses • Publications • IDB Prize in Islamic Economics, Banking & Finance • IRTI Scholarship for PhD in Islamic Banking
  • 16. Islamic Corporation for Insurance of Investment & Export Credit (ICIEC) • Established in 1994 to provide Shari’ah-compatible export credit insurance, political risk insurance, technical assistance. o Capital Structure (66.7% IDB, 33.3% MCs) : Total authorized capital US$ 231 million, subscribed capital US$ 228 million o Business Insured in 2009 : over US$ 1 billion o Cumulatively, as of December 2009 : - Business Insured US$ 6.35 billion - in more than 37 member countries • Insurance Financial Strength Rating of Aa3 by Moody’s Investors Service
  • 17. Islamic Corporation for the Development of the Private Sector (ICD) o Established in 1999 & commenced its operation in July 2000 o Mandated to promote private sector development and to offer advisory services to the private sector entities in member countries. o An authorized capital of US$ 2 billion, paid up capital of US$ 470 million. o 47 Islamic Countries are members of which 21 are in Africa. o Capital Structure (50% IDB, 30% MCs, 20% Financial Institutions). o As of December 2009, cumulative business : - Approvals : 185 Projects amounting to US$ 1.59 billion - in more than 32 member countries
  • 18. International Islamic Trade Financing Corporation (ITFC) • Commenced business activities in January 2008. It promotes and enhances intra-trade and trade cooperation among 57 member countries of the Organization of Islamic Conference (OIC) through trade financing and promotion programs; • Authorized Capital : US$ 3.0 billion • Subscribed Capital : US$ 750 million • Managing Funds for other institutions : US$ 1.0 billion • Year 2009 Trade Finance Approvals : US$ 2.1 billion • Cumulatively Trade Financing, end 2009 : US$ 4.6 billion
  • 19. The Islamic Development Bank Group: Current Areas of Intervention Financing of Developing the Trade Financing Capacity Building Projects (Public Islamic Financial and Promotion and Private) Industry of Cooperation Agriculture Equity Financing Disseminating of Infrastructure participation in imports skills (exchange of Industry Islamic financial Financing experts, training, etc.) institutions exports Supporting civil Education Developing Promoting societies through Health Regulatory trade NGOs SMEs, micro framework cooperation Supporting women- financing Research and in-development Other sectors training initiatives IDB/ICD IDB/ICD ITFC IDB/IRTI 21
  • 20. The Islamic Development Bank Group: Current Areas of Intervention (Cont’d) Risk Research and Asset Special Assistance Insurance Training Management and Scholarships  Country risk  Islamic  Awqaf assets  Support to Muslim  Short- and banking and Investment minorities in non-MCs medium-term finance portfolios Alleviation of natural commercial Islamic Equity funds disasters risks economics Venture capital Scholarships for  Coverage of Training in funds Muslim communities banks for Islamic related fields in non-MCs. financing Merit Scholarship products Programs ICIEC IRTI IDB/ICD IDB 22
  • 21.  Leasing  Installment Sale  Construction Finance (Istisna’a)  Equity  Line of Financing  Technical Assistance (Loan & Grant)  Murabaha (Trade Financing)
  • 22. • Medium/long term rental financing arrangements for income generating projects in industry. • Capital equipment and other fixed assets: machinery, agro- industrial, transport, etc. • Public and private sectors. • Technically sound and have a life span beyond the lease period. • Lease period up to 15 years, including gestation period up to 4 years. • Mark up 6% per annum and rebate 15% per annum. • Minimum limit is ID 2 million and maximum is 80 per project. • Transfer of ownership of the equipment after the end of the lease period. •
  • 23.  Medium-term mode of financing.  IDB buys tangible assets on behalf of the beneficiary and sells it at a mark up allowing the beneficiary to make the payment.  Transfers the ownership upon delivery to the beneficiary.  Private sector must contribute 20-30% of the total project cost.  Minimum limit of financing is ID 2.0 million and the upper limit is about ID 80 million per project.  Eligible goods is equipment needed for development in various economic sectors: infrastructure, industry, agriculture, education, etc.  Maximum period is 15 years including the gestation period.  Mark-up is fixed at 6% per annum and a 15% rebate on the mark- up.  Provide bank guarantee acceptable to IDB.
  • 24.  Istisna’a is a contract whereby a party undertakes to produce a specific thing according to certain agreed-upon specifications at a determined price and a specified date of delivery.  The work can be done by others (not undertaking party) under his control and responsibility.  The objective is to promote manufacturing and construction capabilities in the IDB member countries.  It provides medium/long-term financing to meet financing requirement for manufacturing/supplying of assets such as machinery, cargo vessel, oil tankers, etc.  The financing of capital goods shall not exceed 15 years including a gestation perios.  The mark-up shall be fix 6% per annum on the Islamic Dinar. The mark-up is subject to change by the Bank from time to time.  The beneficiary (buyer) shall provide a guarantee to IDB from the Government or a first class bank.
  • 25.  Long-term financing for development projects.  Priority sector is agriculture and infrastructure.  Maximum loan is ID 15 million per project.  Repayment period 15 to 25 years, with a grace period of 3 to 7 years.  The beneficiary is to contribute in the project financing (co- financing).  Usually for government or public institutions and having government guarantees. Private sector may also benefit from loans in special case.  Disbursements are based upon actual project execution.
  • 26.  TA is the provision of technical expertise to assist in the preparation or implementation of a project or a policy. It can also help in the development of institutions or human resources.  2 types of TA: directly related to a project (feasibility study, detailed design, etc), and an advisory nature (definition of policies, preparation of sectoral plans, institution-building, research, etc).  TA as part of a project is financed through the project itself, while independent TA is financed by a grant or interest-free loan.  For public sector is limited to maximum of ID 300,000, and for private sector is ID 100,000.
  • 27.  IDB participates in the equity capital of companies/enterprises that are potentially profitable, Shariah compatible, and are projected to have a developmental impact on the economies of member countries.  Goal is to strengthen the capital base and to augment investors’ confidence in the company.  It can be used to finance all types of campanies both in public and private sectors.  Maximum participation is one-third of the equity capital.  IDB will nominate one or more directors to the governing body of a company.
  • 28. I. Public projects II. Private projects
  • 29.  Technical departments submit a project financing proposal to Bappenas.  Bappenas will list the proposed project to the Blue Book.  Bappenas will facilitate to find donors/lenders for the project.  IDB will send an appraisal team to study the proposed project.  IDB and the technical departments will sign the loan agreement.
  • 30.  Any request for financing should be channeled through the Governor of the concerned member country to IDB.  The official request must be accompanied by a feasibility study of the project (proposal).  The Private sector must contribute 20-30% of the total project cost.  The private sector must provide a guarantee from a first class commercial bank acceptable to IDB.  The IDB Governor will issue no objection letter (NOL) on the proposed project.
  • 31.  An request letter from project owner.  A letter of support from expert commision.  Bank guarantee  The completeness of documents:  Work plan  Funding requirement  Cash flow plan  The financial statements of the last three years, etc.
  • 32. Brief History • Indonesia is Founding Member of IDB (1974) • Member of ICIEC (1993) • Member of ICD (2003) • Member of ITFC (2007) Entity Membership Subscription % IDB 1974 ID 406.48 2.54% ICIEC 1993 ID 0.25 0.17% ICD 2003 US$ 4.75 1.11% ITFC 2007 US$ 2.06 0.31% Pledge Contribution ISFD US$ 0.00 US$ 0.00
  • 33. Portfolio Summary IDB: 86 Ops for ID 753.5 mn (US$1.1 bn) Completed57 Ops = ID381.4 mn (45%)  Active 27 Ops = ID345.4 mn (40%) of which 17 Ops = ID226.7 mn disbursing (66%) 10 Ops = ID 188.8 mn non-disbursing (34%) SAO: 2 Ops ID 2.1mn = (US$2.1 mn) ICD : US$ 23.8 mn ITFC : US$ 785.2 mn ICIEC : US$ 68.7 mn (Business Insured)
  • 34. STRATEGY ALIGNMENT Country Development IDB Proposed Strategy Strategy (RPJMN 2010-14) Education Health  Increase Per capita Income Urban Development  Reduce Poverty & Population Growth  Increase Health & Nutrition INFRASTRUCTURE  Improve Human Capital and Transport competitiveness Energy  Balanced Growth:Accelerate growth outside Java (Regional Balance) Agriculture Irrigation Rural Development Cross-cutting Themes: (1) Poverty Reduction (2) Islamic Finance (3) Capacity Building
  • 35. 1430H Work Program Operations approved during 1430 Operations Mode US$ million 1. Belawan Commercial Port Istisnaa 87.000 2. PNPM-Integrated Community Driven Istisnaa 68.000 Development 3. PNPM-Integrated Community Driven Loan 15.000 Development 4. Medical Research Centers and Two IS/Lsg 70.000 University Hospitals 5. Enhancement Carbon Sequestration TA Gr 0.200 From Indonesian Rain Forest 6. West Sumatra Emergency Relief Grant 1.000 7. West Sumatra Relief & Rehabilitation Loan/Istisnaa 29.500 Grand Total 280.200
  • 36. Work Program-1431H Category A: Ready projects Project Type Sector Amount (US$) Quality Improvement of HDE - 35.00 Padjadjran University Education (UNPAD), Bandung Semulue Physical Agriculture & 20.0 Infrastructure (TP-Phase Rural II) Development Sub-Total 55.00
  • 37. Work Program-1431H Category B: Standby projects Development & upgrading of State HD -Education 35.00 University (UNESS), Semarang Procurement of Rail Track, Java INF - Transport 70.00 Regional Roads Development INF-Transport 120.00 (co financing with ADB) RR of Vocational Training Centers HD - Vocational 36.00 (BPLK) Education Integrated Community Driven Rural 77.60 Development (ICDD) Development Sub-Total 338.60 Total (A+B) 393.6
  • 38. IDB FINANCING IDB PORTFOLIO IN INDONESIA (per December 31, 2009) NO Description AMOUNT 1 IDB Total Projects 79 Loans 2 Total Amount USD 1.767,3 Million 3 Cancellation 10 loans 4 Total Amount of Cancellation USD 312,6 Million 5 Net Commitment 69 loans 6 Total Net Commitment USD 1.454,8 Million 7 Total Disbursed USD 1.119,9 Million 8 Undisbursed USD 364,6 Million 9 Principal Paid USD 805 Million 10 Outstanding USD 314,9 Million *) Based on 4th Quarterly Report Year 2009, Directorate of Evaluation, Accounting and Settlement 41
  • 39. Total Operations Plan in 2010: US$ 3.72 billion - US$ 39 million Grants Financing - US$ 381 million Concessional Loans - US$ 3.30 billion Ordinary Financing
  • 40.  Investments in Islamic Banks & Financial Institutions  Capacity Building for Islamic Banks  Introduction and Dissemination of Islamic Modes of Financing, and Developing Knowledge  Developing the architectural foundation of the Islamic financial Industry, by establishing and supporting crucial institutions *
  • 41. List of cost TERMS AND CONDITIONS of Borrowing Multilateral Bilateral Descriptions IBRD IFAD IDB ADB -ADF ADB - OCR JICA (ODA) 1/7/09 Maturity 15-24,5 40 years 15-20 years 32 years 15-25 years 30-40 years years Grace Period 3-9 years 10 years 3-5 years 8 years 3-5 years 10 years Repayment Period 15 years 30 years 12-15 years 24 years 12-20 years 20-40 years Commitment Charges - - - - 0,15% - Front-end-fee 0,25% - - - - - Service Charges - 2,5 - 5,1% - - - Interest Rates LIBOR + 0,75-3% - 1% during LIBOR+0,60% - 1.20%(FSL) Grace Period, Waiver 0,40% 1,5% after LIBOR - words 0.05% (VSL) 44
  • 42. Thank you