PELATIHAN PENGELOLAAN PINJAMAN

DAN HIBAH LUAR NEGERI

PERBANDINGAN KARAKTERISTIK LEMBAGA

PEMINJAMAN (LENDER)
Taufik Widjoyono

Palembang, 04 Maret 2019

Badan Pengembangan Sumber Daya Manusia

Kementerian Pekerjaan Umum dan Perumahan Rakyat
 TUJUAN PEMBELAJARAN

Peserta dapat :
1. memahami perbedaan antar lembaga
peminjaman dan dapat mengelola pinjaman
luar negeri dengan cara yang efektif dan efisien
2. Dapat memberikan saran dalam memilih
pemberi pinjaman yang optimal
 DAFTAR ISI

Pengantar

Dasar Pemberian Pinjaman dari Lembaga Peminjaman

(Lender)

Struktur Naskah Perjanjian Pinjaman Luar Negeri

Parameter Loan Covenant

Karakteristik Pengaturan dalam Proses Pengelolaan

Pinjaman Luar Negeri
 10/29/2021
Pengantar
 Sifat Lender
1. Kepemilikan Modal
2. Expertise
3. Potensi Pembiayaan
4. Fokus Pembiayaan
5. Dokumen Perencanaan Pinjaman
6. Struktur Naskah Pinjaman
7. Parameter Loan Covenant dan Skema Pinjaman
8. Pengaturan Proses

9.
 Expertise Lembaga Pemberi Pinjaman

INTERNATIONA
ASIAN ISLAMIC L FUND FOR
MULTILATERAL WORLD DEVELOPMENT DEVELOPMENT AGRICULTURAL
BANK BANK BANK DEVELOPMENT
Fokus pembiayaan: sektor infrastruktur (jalan, sanitasi, Infrastruktur, Public sektor pendidikan (sektor Pertanian, Perikanan
irigasi, dan energi), pendidikan, Governance, Pertanian dan terbesar), transportasi,
kesehatan, keuangan dan administrasi Sumber daya alam, Keuangan, infrastruktur, pertanian dan
negara, sosial (lingkungan hidup dan Energi, Transportasi dan ICT, ketahanan pangan
pengentasan kemiskinan) Pendidikan, Pasokan air,
Kesehatan

BILATERAL CEXIM BANK

Fokus pembiayaan: Infrastruktur, Pendidikan, Energy and Climate Change, Infrastruktur dan industri. Energy and Climate
Lingkungan Hidup, Energi Good Governance, and Change, Good Governance,
Inclusive Growth and Inclusive Growth

KOMERSIAL
LPKE/KSA Perhubungan laut dan Alutsista Alutsista Alutsista Alutsista

Alutsista Peralatan Kemaritiman Peralatan latih pelaut, pesawat

boeing, Lab. polri

Lembaga Penjamin Kredit Export/Kreditor Swasta Asing Sumber: Kementerian Keuangan, 2018
 Potensi Sumber Pinjaman Luar Negeri Multilateral
• Infrastructure platforms at the National Level
USD 7,5 miliar • Sustainanble Energy and universal Acces
(periode 2015-2019) • Maritime and Connectivity
• Delivery of Local Services and Infrastructure
Single Borrowing Limit
(SBL): • Sustainaible Landscape Management
USD 19 miliar • Collecting more and Spending Better

USD 8,9 miliar (Periode 2015-2019) • Infrastructure Development

Tidak memakai sistem Single Borrowing
• Economic Governance Development
Limit • Human Resources Development
• Energy
USD 3,2 miliar • Transport
(Periode 2016-2020) • Urban Development
Single Borrowing
• Higher Education and Skills Development
Limit: USD 5,2 miliar • Private Sector Development
• Islamic Finance
• Reverse Linkage (south-south Cooperation)
• Regional Integration Program
USD 198,9 juta • SAUDI FUND (Potensi USD 150 juta)
(Periode2015-2019) Infrastructure • AIIB asian Infrastructure Investment
Single Borrowing Limit (SBL): Development Bank(sesuai usulan)
USD 298 juta • AIF – asian Infrastructure Fund (sesuai
usulan)
Sumber : Bappenas & Kementerian Keuangan 2018 • IFAD Int. Fund for Agriculture Dev.
Sumber : Bappenas & Kementerian Keuangan 2018

Potensi Sumber Pinjaman Luar Negeri Bilateral

Lender (Skema) Jumlah Komitmen (Periode) Fokus Sektor
USD 480 juta Energi dan Lingkungan Hidup
Jerman (hasil negosiasi)
(G to G)
USD 600 juta 1. Transport
Korea (2016-2020) 2. Governance (Public Administration)
3. Environment Protection
(EDCF Loan) 4. Water Management

Generasi I – USD 2,8 miliar (sejak 2002)

Tiongkok Infrastruktur
Generasi II – Total USD 10 miliar (bagian
(Preferential Buyer’s Credit) alokasi untuk ASEAN)

USD 500 juta Infrastruktur, energi, transportasi,

US Exim (2013-2016) lingkungan hidup

Jepang Komitmen Tahunan Infrastruktur

Rencana USD 200 juta (termasuk credit line Infrastruktur

Hungaria ke Perbankan)

Rencana USD 250 juta Infrastruktur, Energi, Pengolahan limbah

Spanyol dan air

Austria Berdasarkan atas permintaan Peralatan kesehatan

Belanda Berdasarkan atas permintaan Peralatan Kesehatan

Belgia Belum ada Pendidikan

 Lender Multi Lateral
1. IDB ( 57 negara,Arab Saudi, Iran, Libya, Mesir, Turki Uni Emirat Arab.

Indonesia 1973, USS 1,137 milyar, 2.25%, urutan 12)

2. ADB ( 67 negara, Indonesia sejak 1966, USS 8,23 milyar/5.45 % 48 di Asia

Pacific)

3. World Bank ( Indonesia 10 besar (>1.23%) . AS (16 %), Jepang, Jerman,

China,Inggris, Perancis, Rusia, Arab

4. AIIB ( 85 negara, Indonesia 8 besar, 672,1 juta USS, China 30.3%, India,

Rusia )

5.
REKAPITULASI PELAKSANAAN KEGIATAN-KEGIATAN PLN
BERDASARKAN DEVELOPMENT PARTNERS (juni 2011)
• Bab II
• Dasar-Dasar Pemberian Pinjaman
 10/29/2021
Dasar PemberianPinjaman
dari Lembaga Peminjaman
 Asian Development Bank
Country Partnership Strategy (CPS)

PRIORITY AREAS
1. Improved infrastructure services
2. Better economic governance
3. Enhanced human resource development

CONTENTS
1. Country Partnership Strategy Snapshot
2. Country Development Context
3. The Country Strategy Framework
• Highlights of the Previous ADB Country
Strategy
• Government National Strategy
• ADB Strategic Priorities and Operational
Objectives
4. Strategy Implementation
• Indicative Resource Parameters
• Responding to Middle-Income Country Needs
• Monitoring of Results
• Risks
5. Appendixes
• Country Partnership Strategy Results
Framework
• Country Knowledge Plan
• List of Linked Documents
World Bank Group
Country Partnership Framework (CPF)
PROPOSED PARTNERSHIP STRATEGY
1. Infrastructure Platforms at the National Level
2. Sustainable Energy and Universal Access
3. Maritime Economy and Connectivity
4. Delivery of Local Services and Infrastructure
5. Sustainable Landscape Management
6. Collecting More and Spending Better

CONTENTS
1. Country Context and Development Agenda
2. Proposed World Bank Group (WBG) Partnership
Framework
a. Building the Partnership Strategy
• Government’s Development Agenda
• Development Challenges and
Approaches Indentified in teh SCD
• Impact and WBG Comparative
Advantage
b. Proposed Partnership Strategy
3. Implementing the CPF
a. Focus and Selectivity within the CPF
Strategy
b. Implementing the WBG Program
4. Managing Risks to the CPF Program
Japan International Cooperation Agency
Country Assistance Policy (CAS)

PRIORITY AREAS
1. Assistance for further economic growth
2. Assistance for correction of inequality and
establishment of a safe society
3. Assistance for the enhancement of capacity

CONTENTS
1. Relevance of Assistance
2. Basic Policy of Assistance: Assistance for
well-balanced development and
enhancement of capacity to address issues
of the Asian region and international society
3. Priority Areas
4. Points to be Considered
5. Annex (Rolling Plan for the Republic of
Indonesia)
 EDCF Korea
Country Partnership Strategy (CPS)

PRIORITY COOPERATION AREAS

1. Transport
2. Governance (Public Administration)
3. Environment Protection
4. Water Management

CONTENTS
1. Summary
2. Priority Cooperation Areas: Needs
Assessment and Implementation Strategy
3. CPS Evaluation Framework
4. Mid-term Allocation Plan
5. Partnership Plans
a. Partnership between Donors
b. Partnership with the Private Sector
c. Cooperation at the Field Level
 Proses Pemilihan Lender

10/29/2021
1. Kesesuaian strategi
2. Environmental
3. Governance
4. Risiko ( kebijakan, teknis, sosial, kelembagaan)
• Bab III
• STRUKTUR NASKAH PERJANJIAN PLN
 10/29/2021
Struktur NaskahPerjanjian
Pinjaman Luar Negeri
 Asian Development Bank

CONTENTS
1. Article I: Loan Regulations and Definitions
2. Article II: The Loan
3. Article III: Use of Proceeds of the Loan
4. Article IV: Particular Covenants
5. Article V: Effectiveness
6. Article VI: Miscellaneous

SCHEDULE
7. Description of the Project
8. Amortization Schedule
9. Allocation and Withdrawal of Loan Proceeds
10. Procurement of Goods, Works and
Consulting Services
11. Project Implementation and Operation of
Project Facilities: Review of Procedures
 World Bank Group

CONTENTS
1. Article I: General Conditions and Definitions
2. Article II: Loan
3. Article III: Project
4. Article IV: Effectiveness and Termination
5. Article V: Representative and Addresses

SCHEDULE
6. Project Description
7. Project Execution
a. Implementation Arrangement
b. Project Monitoring Reporting and Evaluation
c. Procurement
d. Withdrawal of Loan Proceeds
3. Annex to Schedule 2: National Competitive
Bidding and Modifications to Procedures
4. Amortization Schedule
Japan International Cooperation Agency

CONTENTS
Side Letter (JICA to Ministry of Finance Indonesia)
1. Article I: Loan
a. Amount and Purpose of Loan
b. Use of Proceds of Loan
2. Article II: Repayment, Interest and Front-End Fee
a. Repayment of Principal
b. Interest and Method of Payment thereof
c. Front-end Fee and Method of Payment thereof
3. Article III: Particular Covenants
a. General Terms and Conditions
b. Procurement Procedure
c. Disbursement Procedure
d. Administration of Loan
e. Table of Contents and Headings
f. Notices and Requests
SCHEDULE
1. Description of Project
2. Allocation of Proceeds of Loan
3. Amortization Schedule
4. Procurement Procedure
5. Commitment Procedure
6. Reimbursement Procedure
7. Transfer Procedure
8. Advance Procedure
 China Eximbank (RRT)
CONTENTS
1. Article I: Definitions
2. Article II: Conditions and Utilization of the Facility
3. Article III: Disbursement of the Facility
4. Article IV: Repayment of Principal and Payment of
Interest
5. Article V: Representations and Warranties by the
Borrower
6. Article VI: Special Covenants
7. Article VII: Events of Default
8. Article VIII: Miscellaneous
9. Article IX: Conditions to Efectiveness
• Bab IV
• PARAMETER LOAN COVENANT
 10/29/2021
Parameter Loan Covenant
 Sumber: Bappenas & Kementerian Keuangan

KETENTUAN DAN PERSYARATAN PINJAMAN LUAR NEGERI:

Skema Pinjaman Lunak (Untied Loan)
vs
Skema Pinjaman Mengikat (Tied Loan)
dalam Pinjaman Luar Negeri

Ketentuan dan Persyaratan pinjaman merupakan komponen yang sangat penting dalam
perencanaan pinjaman luar negeri karena persyaratan pinjaman dan besarnya jumlah pinjaman
yang menentukan seberapa besar beban pinjaman luar negeri.

SKEMA PINJAMAN LUNAK (UNTIED LOAN) merupakan pinjaman yang masuk dala kategori
Official Development Assistance (ODA) Loan atau Concessional Loan yang bertujan untuk mendukung
pembangunan ekonom atau penngkatan kesejahteraan sosial bagi negara penerima. Dalam hal ini, Lender dapat
memberikan bunga pinjaman yang rendah, tenggang waktu dan jangka waktu pengembalian pinjaman lebih
panjang, dan memiliki komponen hibah.

SKEMA PINJAMAN MENGIKAT (TIED LOAN) merupakan fasilitas pinjaman yang disediakan
lender tertentu yang mempersyaratkan penggunaannya untuk membiayai barang jasa yang ditentukan oleh Lender.
Fasilitas tersebut hanya digunakan jika diperlukan untuk memenuhi adanya kebutuhan riil yang diusulkan oleh
Kementerian/Lembaga.
Hal-hal yang mengikat dalam skema pinjaman ini diantaranya adalah:
• Asal/sumber barang (misal: pengadaan barang dan pengiriman barang langsung dari Hungaria dan Spanyol
untuk skema pinjaman dari Hungaria dan Spanyol)
• Penyedia barang/jasa (misal: pengadaan konsultan khusus perusahaan dari Korea untuk skema pinjaman dari
EDCF dan RRT)
• Sumber dan penyedia barang/jasa (misal: skema Special Terms for Economic Partnership/STEP JICA yang
mempersyaratkan 30% kandungan impor dari Jepang)
 Ketentuan dan Persyaratan sumber:
Pinjaman Luar Negeri - Multilateral Kementerian Keuangan

ASIAN DEVELOPMENT BANK (ADB)

Jenis Waktu Grace Repayment Interest Rate Other Fee
Pinjaman Pinjaman Period
Ordinary 20-25 5 tahun 20 tahun LIBOR + 0.60% p.a Commitment Charge: 0.15%
Operation tahun p.a

WORLD BANK GROUP

Jenis Waktu Grace Repayment Interest Rate Other Fee
Pinjaman Pinjaman Period
International 25 tahun 9 tahun 12-18 tahun LIBOR + 0.68-0.88% Commitment Charge : 0.25%
Bank for p.a p.a on undisbursed amount
Reconstruction (variable spread)
Development Front End Fee: 0.25% on loan
LIBOR + 1.02-1.42% amount (approx. 0.03% per
p.a annum)
(fixed spread)
 Ketentuan dan Persyaratan sumber:
EDCF & JICA
Pinjaman Luar Negeri - Bilateral presentation material

JICA
Jenis Pinjaman Grace Repayment Interest Rate Keterangan
Period
General/ 10 tahun 30 tahun 1.45% (fixed p.a) Procurement: Untied
Standard ¥LIBOR+85bp (floating) Commitment Charge:
0.1% p.a on undisbursed amount

EDCF KOREA
Jenis Grace Repayment Interest Rate Keterangan
Pinjaman Period
Engineering 10 tahun 40 tahun 0% per annum Procurement:
Services Korean Consultants
General 10 tahun 30 tahun 0.2% Goods and Services Procurement:
(semi-annual payment) Eligible Source Countries (Korea,
Local, and 3rd Countries)
Preferential 10 tahun 40 tahun 0.15% Procurement:
(semi-annual payment) Competitive Bidding among
Special Sampai 10 40 tahun 0% Korean suppliers
tahun (semi-annual payment) Consultant Employment:
Limited Competitive Bidding
among Korean consultants
Ketentuan dan
Persyaratan
Pinjaman Luar
Negeri

Sumber:
Kem. Keuangan, 2011
 Terms and Condition
di atas bukanlah merupakan suatu hal yang
baku dan tidak dapat berubah, karena pada
pelaksanaannya, penerapan Terms and
Conditions dapat berbeda antara satu
kegiatan dengan kegiatan yang lain
(walaupun dalam satu Lender yang sama)
sesuai dengan negosiasi perjanjan pinjaman
Kegiatan Pinjaman Luar Negeri
dibiayai oleh World Bank

PAMSIMAS II National Affordable Housing Program (NAHP)

Sumber: Kementerian Keuangan, 2017

Kegiatan Pinjaman Luar Negeri
dibiayai oleh ADB

Integrated Participatory Development and Metropolitan Sanitation Management Investment

Management of Irrigation Program Program

Sumber: Kementerian Keuangan, 2017

Kegiatan Pinjaman Luar Negeri
dibiayai oleh JICA

Lower Solo River Improvement Project (II) Participatory Irrigation Rehabilitation and
Improvement Management Project

Sumber: Kementerian Keuangan, 2017

Kegiatan Pinjaman Luar Negeri
dibiayai oleh RRT

Medan-Kualanamu Toll Road Development Cisumdawu III

Sumber: Kementerian Keuangan, 2018

Kegiatan Pinjaman Luar Negeri dibiayai oleh Korea
(dibandingkan dengan kegiatan dari EA lain)

Padang Bypass Capacity Expansion Salah satu kegiatan di POLRI

Sumber: Kementerian Keuangan, 2017

 Proses Pemilihan Lender dengan

10/29/2021
pertimbangan covenant

1. Bilateral, multi lateral, tight atau un-tight

2. Front end fee ( 0.25%)
3. Grace period (4 -10 tahun)
4. Interest/bunga (6 month USD LIBOR ..2.8%)
5. Repayment period
6. Management fee
7. Maturity period
 KETERANGAN
Sumber: Kem. Keuangan, 2018
Commitment Fee Biaya yang dikenakan untuk tetap menyediakan saldo komitmen pinjaman yang
belum ditarik (undisbursed balance)
Condition Precedent Klausul dalam perjanjian pinjaman yang menyebutkan faktor-faktor dan/atau
kejadian-kejadian yang menentukan berlaku efektifnya/keberlanjutan suatu
pinjaman

Front End Fee Biaya yang dikenakan sekali kepada peminjam pada saat penandatanganan
perjanjian pinjaman atau saat pinjaman dinyatakan efektif
Grace Period Periode antara tanggal komitmen pinjaman dengan tanggal pembayaran kembali
cicilan pokok pinjaman yang pertama kali
Interest Jumlah uang yang dikenakan oleh pemberi pinjaman kepada peminjam untuk
pemakaian uang yang dipinjam yang dihitung dari dana yang sudah ditarik
LIBOR (London Tingkat bunga yang ditawarkan oleh bank-bank terkemuka di London dalam
Interbank Offered rangka pemberian pinjaman kepada bank-bank lain dan dipakai juga sebagai dasar
Rate) tingkat bunga secara internasional dalam transaksi pinjaman

Management Fee Biaya dalam rangka persiapan dokumen Perjanjian Pinjaman termasuk dalam
rangka negosiasi
Maturity Period Suatu periode/ekspresi yang digunakan untuk menunjukkan seluruh periode
pinjaman (pelaksanaan sampai repayment)
Service Fee Semua biaya yang harus dibayar sebagai harga dari pinjaman seperti interest,
commitment fee, management fee, dll
• Bab V
• KARAKTERISTIK MENURUT PROSES
PENGELOLAAN
 10/29/2021
Karakteristikpengaturan dalam
Proses Pengelolaan Pinjaman
Luar Negeri
 ASIAN DEVELOPMENT
BANK

Project Cycle
Management

Sumber: https://www.adb.org/site/public-sector-
financing/operations/project-cycle
 ASIAN DEVELOPMENT
BANK
Project
Country Partnership Strategy
Cycle
•
Management
ADB works with each developing member country to define a
medium-term development strategy and operational program
called a country partnership strategy (CPS).
• The CPS is aligned with the country's development plan and
poverty reduction goals, and its preparation with the DMC's
development planning cycle.
• ADB conducts thematic and sector analyses and assessment
studies in preparation for a new CPS. These will be posted on
ADB's web site as available.
• A CPS is developed in close consultation with the government and
other country stakeholders including civil society, nongovernment
organizations, private sector, as well as the country's other
development partners.
• The CPS will be implemented through the country operations
business plan which details the three-year rolling pipelines and the
resources needed to support them.
Preparation: Project Identification
• ADB often provides grants called project/program preparatory
technical assistance (PPTA) to help the government identify and
prepare feasible projects.
• ADB posts on the web a brief factual summary of the project.
During the early stage of the PPTA, a flagging exercise—called an
initial poverty and social analysis—is conducted to identify those
people who may be beneficially or adversely affected.
• A technical assistance report is prepared as a recommendation for
ADB to finance a technical assistance project.
Preparation: Due Diligence
• During project examination, ADB examines project feasibility.
• The fact-finding mission—in consultation with the government and
other stakeholders—examines the project's technical, financial,
economic, environmental, marketing, and management aspects
and potential social impact.
• Detailed project risks and sensitivity analyses are carried out to
assess viability of the proposed project. Loan terms and conditions
for loan effectiveness are discussed to improve sector
performance and address key policy issues.
• One of the tools ADB staff use for project design is the design and
monitoring framework.
 ASIAN DEVELOPMENT
BANK
Project
Approval: Loan Negotiation
Cycle
Management
The draft loan agreement and draft project proposal is
submitted to all parties involved including the
Government for review. Feedback is collected, and the Approval: Loan Effectiveness
Government is then called for negotiation with ADB.
• The loan takes effect once certain
conditions are met. This is also known as
Approval: Board Approval loan effectiveness.
After negotiations with the government, the loan
• Generally, the conditions are limited to the
proposal is submitted to ADB's Board of Directors for legal requirements such as legal opinion,
approval. This report is known as the Report and cross-effectiveness of cofinancing, and
Recommendation of the President (RRP). execution of subsidiary loan agreements.
The requirements and deadline for loan
effectiveness are stipulated in the loan
Approval: Loan Signing agreement.
• After Board approval, the document is sent to the • ADB's legal counsel and Project Officer
borrowing country's Government for cabinet review if the conditions are met, after
authorization.
• Following the authorization from the cabinet, the
which the loan is formally declared
loan agreement is signed by ADB's President and the effective. Normally, loan documents allow
Representative of the Government. 90 days for the loan agreement to become
• The loan agreement is posted on ADB's website effective.
upon its signing.
 ASIAN DEVELOPMENT
BANK
Project
Implementation
Cycle
Management
• ADB-assisted projects are implemented by
the executing agency according to the
agreed schedule and procedures.
• A Project Administration Manual (PAM) sets
out the project's implementation
agreements and details.
• Implementation time generally ranges from
two to five years but depends on the type
and nature of the project.
• ADB's review missions assess the progress
of project implementation by visiting it at
least twice a year throughout the
implementation period.
• The preparatory work for construction
includes: recruiting consultants, preparing
tender documents and detailed designs,
procuring equipment and selecting
contractors for construction.
Completion and Evaluation
• After the project facilities and technical
assistance activities are completed, ADB
prepares a Project Completion Report (PCR)
 to document the implementation
experience. These reports are prepared
within 12-24 months of the completion of
the project.
• Early work concentrated on input-output
relationships in projects, using economic
analysis, but evolved to cover the entire
results chain of inputs, outputs, outcomes,
and impacts.
• The focus of evaluation studies has shifted
from the project to the country, informed
by sector and thematic assessments as well
as by evaluations of ADB's business
processes. The full mix of lending and
nonlending services that make up country
assistance programs has now become the
dominant preoccupation of evaluation, with
priority attention to relevance, efficiency,
effectiveness, and sustainability.
 WORLD BANK GROUP - Project Cycle Management

Sumber: http://web.worldbank.org/archive/website01291/WEB/IMAGES/PROJECTC.PDF
 JICA
Project Cycle
Management

Sumber: https://www.jica.go.jp/english/our_work/types_of_assistance/oda_loans/overseas/index.html
 EDCF
KOREA

Project
Cycle

Sumber:
https://www.edcfkorea.
go.kr/site/homepage/m
enu/viewMenu?
menuid=005001002001
 Sumber:
https://www.edcfkorea.
go.kr/site/homepage/m
enu/viewMenu?
menuid=005001002001

EDCF KOREA

Project Cycle
Management
 EDCF KOREA

Project Cycle
Management
POLICY DIALOGUE
Project Identification • Most partner countries draw up multi-year development plans to clarify their development objectives and
and Preparation strategies. These plans include envisaged development projects ranked in terms of their importance of
development and investment priorities. The government of a partner country must identify and prepare
projects that are not only feasible, but consistent with the national development plan and strategy.
• To determine a project's feasibility, economic and technical aspects must be closely examined. Feasibility
studies may be carried out either by the governments of partner countries or multilateral organizations
such as the World Bank and the ADB, or with technical assistance from donor countries.
• If the government of a partner country requires assistance in preparing for a project that will be financed
through EDCF loans, it may also request assistance from Korea Eximbank or the Korean government to
carry out preparations. In such cases, it may request support for the Project Preparation Facility on a grant
basis. A feasibility study should provide all data necessary for project decision including economic,
financial, technical and environmental aspects.
• A project to be financed through EDCF loans should comply with project eligibility provisions of the OECD
Arrangement as Korea is a member of the OECD. Specifically, the project must pass the commercial
nonviability test in order to be eligible for EDCF loans.

Loan Request • Once the feasibility study is finalized, the prospective borrower's government makes an official loan
request to the Korean government by submitting the required documents to the Korean embassy in its
own country.
• After receiving the request, the Korean embassy forwards it to the MOSF via MOFA. At this stage, Korea
Eximbank may send a fact-finding mission to obtain further information and clarify issues.
• Such detailed information on all aspects of the proposed project is required to proceed to the next stage
of appraisal.
 EDCF KOREA

Project Cycle
Management
PROJECT PREPARATION
Loan Request • Partner countries prepare feasibility studies (F/S) for candidate projects for EDCF loans. While preparing
the F/S, partner countries can utilize the EDCF Project Preparation Facility on a grant basis.
• Partner countries requesting EDCF loans to implement a project should submit documents including loan
requests, feasibility studies, and implementation plans to the Korean government. Such requests are
forwarded to the Minister of MOFA through the Korean embassies in partner countries. The Minister of
MOFA notifies the Minister of MOSF of the requests.

APPRAISAL
• An appraisal involves a detailed review of the feasibility studies related to the project. It is through this appraisal process that Korea
Eximbank judges whether the project is consistent with Korea Eximbank’s operational policies and programs, and whether the project
is suitable for financing.
• In addition to the above, Korea Eximbank sends an appraisal mission to the country to conduct on-site surveys, collect information,
and hold discussions with officials of the prospective partner country.

Loan Agreement • Prior to drafting a Loan Agreement, Korea Eximbank sends the partner country a legally binding
questionnaire to determine the legal background pertaining to the loan. Legal answers to the
questionnaire should be prepared by the Minister of Justice or someone in the position to provide
objective and authorized answers.
• When loan negotiations are completed and the specific terms and conditions are agreed upon, a Loan
Agreement is signed between Korea Eximbank and the partner country. The Loan Agreement becomes
effective as soon as condition-precedent documents such as evidence of authority, specimen signatures,
and legal opinions are submitted by the partner country and accepted by Korea Eximbank.
 EDCF KOREA ~ Project Cycle Management

PROCUREMENT
• After the Loan Agreement is signed, the borrower can proceed with procurement of goods and services.
The actual loan amount is fixed in Korean won only at this stage.
The amount tentatively fixed in US dollars at the time of the government approval is converted into Korean
won amount using the foreign exchange rate at the time of the procurement contract.

Procurement The procurement should be carried out in line with guidelines agreed upon between Eximbank and the
Procedures borrower. Guidelines regarding procurement of goods and services under EDCF loans are outlined in the
following.
• The borrower is required to procure goods and services from eligible source countries, agreed on
between the Korean Government and the recipient government.
• Procurement methods acceptable to Eximbank are competitive bidding, limited competitive bidding,
shopping, and direct contracting.
• The borrower may adopt one, considering if it is economical and efficient, depending on the nature and
size of the individual procurement.
• The borrower is required to obtain Eximbank's concurrence on procurement methods, bidding
documents, analysis of bids, proposed awards, and contracts to be concluded.

Where Eximbank considers it desirable to employ consultants in order to ensure maximum efficiency and economy in the
implementation of the project, the borrower may do in accordance with Eximbank's guidelines as follows.

Employment of Major tasks of consultants include detailed design, preparation of bidding documents, project management,
Consultants supervision, and so on. The Borrower prepares a plan of consultant employment and submits it to the Bank
for its review and concurrence until signing a Loan Agreement. EDCF's general principle of consultant
employment is Limited Competitive Selection by way of Short-Listing.
• Short-listing a candidate list comprised of 3 to 5 consultants.
• Negotiating on financial terms with the highest ranked candidate in the technical evaluation, and then
signing an employment contract.
The borrower is required to obtain Eximbanks' approval or concurrence on Short-list of candidates, Terms of
Reference, Letter of Invitation (Including proposals), Proposal Evaluation Reports, Employment Contract.
 EDCF KOREA

Project Cycle
Management
DISBURSEMENT
Disbursements under the loan are made according to the procedures stipulated in the Loan Agreement. In
principle, disbursements are made only when the funds are needed in line with the progress of the project, up to
the amount of the loan, and within the period specified in the Loan Agreement.

The borrower is responsible for the execution of the project, including procurement. However, Eximbank monitors
project implementation and advises the borrower when necessary. Proceeds of the loan are usually used only for
foreign currency costs, but in some cases local currency costs may be covered, depending on the nature of the
project.

In addition, in case certain indispensable goods have to be procured from countries other than Korea, EDCF will
purchase and disburse US dollars at the recipient government's request, to facilitate procurement.
The following are three types of disbursement procedures, depending on the procurement conditions.
• L/C Procedure (Commitment Procedure)
• Reimbursement Procedure
• Direct Payment Procedure
 EDCF KOREA

Project Cycle
Management
EVALUATION
The primary purpose of the evaluation is to improve the quality of EDCF assistance by incorporation lessons learned
and recommendations from similar projects in the past and to ensure accountability and transparency by providing
the evaluation results to various stakeholders. In this context, EDCF conducts completion monitoring and ex-post
evaluation.

Completion • Completion Monitoring is carried out on all projects when the project has been fully
Monitoring implemented.
• This process concentrates on the correspondence between the original plan and the
outcome of the project by the check-list method based on the Project Completion Report
(PCR) provided by the PEA.
• The PEA should submit the PCR within six months after the project completion date or such
later date as shall be agreed upon between the PEA and Korea Eximbank.

Ex-post Evaluation • Two years after Completion Monitoring, Korea Eximbank performs an Ex-post Evaluation,
which is carried out by an independent evaluation unit, on the project based on
international evaluation criteria (Relevance, Efficiency, Effectiveness, Impact, and
Sustainability).
• The lessons learned and recommendations from the Ex-post Evaluation benefit the
partner country by improving its capacity to prepare, implement and maintain
development projects. In order to ensure the long-term sustainability of the project,
when necessary and requested by the partner country, Korea Eximbank may provide an
Ex-post Assistance Facility to the partner country to deal with the issues and problems
arising from the completed project.
Mekanisme
Preferential Buyer’s Credit
RRT

Siklus kegiatan pinjaman luar negeri

yang didanai oleh RRT memiliki
karakteristik yang berbeda
dibandingkan dengan lender bilateral
lainnya, dimana pembiayaannya
menggunakan skema Preferential
Buyer’s Credit.

Perbedaan siklus terutama pada

penandatanganan kontrak penyedia
jasa yang dilakukan terlebih dahulu,
untuk selanjutnya dilakukan
penandatanganan Loan Agreement
kegiatan terkait.

Preferential Buyer’s Credit adalah aturan

yang merujuk pada ketentuan pinjaman
jangka menengah dan panjang dengan
term and condition khusus yang lebih
rendah dari term and condition pinjaman
komersial dan kerjasama perdagangan
dengan negara berkembang yang lain.
Sumber: Bappenas, 2018
Sumber:
http://english.eximbank.gov.cn/tm/en-TCN/index_640.html
 Preferential Expot Buyer’s Credit (PBC)

“Generasi Pertama” “Generasi Kedua”

 Alokasi untuk Indonesia dari  Alokasi diberikan untuk

tahun 2002 s.d. 2012 sebesar negara-negara ASEAN sebesar
USD 2,8 miliar. USD 10 miliar.

 Diatur dalam General Loan  Tidak ada alokasi khusus

Agreement I s.d. VI (earmark) untuk Indonesia.

 Telah dimanfaatkan untuk  Indonesia memanfaatkan

pembiayaan 15 proyek. alokasi untuk ASEAN.
 Tidak ada General Loan
Sumber: Agreement
Bappenas, 2016
 Pemanfaatan Fasilitas PBC ‘Generasi Pertama’
STATUS/NAMA PROYEK Realisasi Komitmen
A JUMLAH KOMITMEN 2.800.000.000,00
B PROYEK SELESAI 481.461.594,89
1. Labuan Angin Coal Fired PP
2. Suramadu Bridge
3. Procurement of 1000 Km Track

C PROYEK ON-GOING 2.096.650.433,25

1. Jatigede Dam
2. Parit Baru Steam PP
3. Takalar Coal Fired PP
4. Tayan Bridge
5. Toll Road Medan – Kualanamu
6. Toll Road Cisumdawu Phase 1
7. Toll Road Solo – Kertosono
8. Toll Road Balikpapan – Samarinda
9. Toll Road Cisumdawu Phase 2
10. Toll Road Manado - Bitung (Section 1 Segment 2)
11. Procurement of Track Phase 2

D JUMLAH TOTAL REALISASI KOMITMEN (B+C) 2.578.112.028,14

E DANA YANG BELUM TERALOKASI (A-D) 221.887.971,86
 Pemanfaatan Fasilitas PBC ‘Generasi Kedua’

 Senior Official Meeting

(SOM), Beijing 11 April 2016
High Level  Ministerial Meeting, Jakarta
Economic Dialog
akhir Mei 2016
 Agenda a.l.:
Usulan/
Rencana List of Priority Projects*)
Proyek

MoU  Daftar Proyek menjadi rujukan

Pemanfaatan penyusunan MoU Pemanfaatan
Fasilitas PBC alokasi PBC ASEAN untuk
Indonesia (pengganti GLA)
 MoU menjadi landasan
pengadaan barang/jasa proyek-
proyek PBC.
 Pemanfaatan Fasilitas PBC ‘Generasi Kedua’

PBC : preference buyer credit

 Kasus Pelaksanaan

10/29/2021
1. Penyiapan dokumen anggaran
2. Manajemen proyek, SDM, koordinasi, leadeship, keputusan
3. Pemilihan penyedia jasa konstruksi
4. No Objection Letter
5. Pembebasan tanah
6. Teknis konstruksi desain berubah
7. Backlog
 REVIEW LAPORAN KINERJA PELAKSANAAN PROYEK PINJAMAN LUAR NEGERI
EDISI TRIWULAN IV TAHUN 2010 BAPPENAS

1. IBRD (BANK DUNIA)

 Loan 4664-IND Urban Poverty II tercantum tidak melakukan penarikan karena telah terjadinya
kesalahan pembebanan pada proyek lain.
 Dapat diidentifikasi adanya 2 proyek yang dikategorikan at risk dengan angka Progres Varian lebih
kecil dari -30 yaitu loan 4834-IND Strategic Road Infrastructure Project (PV= -40,66) dan loan 7669-ID
Dam Operational Improvement Safety Project (PV = -30,31)

 Masalah-masalah bersifat teknis meliputi lemahnya manajemen, personil proyek, dan

koordinasi sehingga menghambat proyek. Hampir seluruh proyek mengalami kendala dan masalah
yang bersifat teknis.

 Lamanya penerbitan No Objection Letter, seperti pada loan 4834-IND Strategic Road
Infrastructure Project , 4786-IND Urban Sector Development Reform Project, 7730-ID (Urban Water
Supply and Sanitation Project), 7867-ID National Program for Community Empowerment-Rural
 REVIEW LAPORAN KINERJA PELAKSANAAN PROYEK PINJAMAN LUAR NEGERI
EDISI TRIWULAN IV TAHUN 2010 BAPPENAS

1. IBRD (BANK DUNIA)

 Permasalahan alokasi DIPA yaitu adanya kesalahan dalam pencantuman
informasi anggaran, jumlah alokasi dalam DIPA dan keterlambatan DIPA,
seperti pada loan 4711-IND Water Resources and Irrigation Sector Management, 7669-ID Dam
Operational Improvement and Safety Project, 4744-ID Second Eastern Indonesia Region Transport,
4384-IND Strategic Road Infrastructure Project, 4204-IND Third WSSLIC – PAMSIMAS, 4779-IND Urban
Poverty III, 4786-IND Urban Sector Development Reform Project, 7866-ID National Program for
Community Empowerment – Urban III, 4385-IND National Program for Community Empowerment

 Masalah backlog terjadi pada loan 4711-IND Water Resources and Irrigation Sector Management
sejumlah Rp 1,1 Miliar yang akan dilakukan replenishment pada awal bulan Februari 2011

 Lamanya proses pengadaan barang dan jasa, seperti pada loan 4744-ID Second Eastern
Indonesia Region Transport dan 7730-ID Urban Water Supply and Sanitation Project
 REVIEW LAPORAN KINERJA PELAKSANAAN PROYEK PINJAMAN LUAR NEGERI
EDISI TRIWULAN IV TAHUN 2010 BAPPENAS

2. ADB
 Terdapat pinjaman proyek yang mengalami keterlambatan yang cukup signifikan
dalam penarikan dana. Hal ini diindikasikan dari rendahnya progres varian yang lebih
kecil dari -30. Proyek tersebut adalah 2064-INO Participatory Irrigation Sector Project
 Masalah penerbitan revisi dokumen, perpanjangan,
keterlambatan
ketersediaan DIPA dan dana pendamping untuk tahun perpanjangan terjadi
pada proyek-proyek: 2064/2065-INO Participatory Irrigation Sector Project
 Masalah pembebasan tanah terjadi pada proyek-proyek: 2072/2073-INO
Neighborhood Upgrading Shelter SP
 Permasalahan dalam proses pengadaan terjadi pada proyek-proyek: 2500/2501-INO
Integrated Citarum WRMP, 2072/2073-INO Neighborhood Upgrading Shelter SP,
2575-INO Rural Infrastructure Support – PNPM II
 Masalah backlog terjad pada proyek-proyek 2064/2065-INO Participatory Irrigation
Sector Project, 2449-INO Rural Infrastructure Support – PNPM, 2500/2501-INO
Integrated Citarum WRMP, 2575-INO Rural Infrastructure Support – PNPM II
 REVIEW LAPORAN KINERJA PELAKSANAAN PROYEK PINJAMAN LUAR NEGERI
EDISI TRIWULAN IV TAHUN 2010 BAPPENAS

3. JICA
 Permasalahan yang muncul dalam proses pengadaan barang/jasa diantaranya adalah
kurang lengkapnya dokumen tender, terlambatnya penandatanganan kontrak beberapa
paket konstruksi, belum terbitnya persetujuan untuk lelang paket pembangunan gedung,
dan beberapa paket yang masih dalam proses tender. Proyek-proyek tersebut adalah;
Lower Solo River Improvement Project II (IP-522), Urgent Disaster Reduction Proj. for Mt.
Merapi & Bawakaraeng (IP-524), Participatory Irrigation Rehab & Improvement Mgt
Project (IP-546), Decentralized Irrigation System Improvement Project II (IP-547), Urban
Flood Control System Improvement in Selected Area (IP-551), Hasanuddin University
Development (IP-541), Tanjung Priok Access Road Construction Project I (IP-529), Tanjung
Priok Access Road Construction Project II (IP-531)
 Masalah laporan audit, terkait dengan pelaksanaan audit mengenai eskalasi harga,
terjadi pada paket kegiatan di pinjaman Urgent Disaster Reduction Proj. for Mt. Merapi &
Bawakaraeng (IP-524)
 Kendala cuaca maupun bencana alam, curah hujan yang relatif tinggi menjadi
penghambat progres pelaksanaan kegiatan di beberapa proyek yang berada di bawah
tanggung jawab Kementerian PU, khususnya proyek-proyek sumber daya air, seperti
Water Resources Existing Facilities Rehab (IP-510), Lower Solo River Improvement Project
II (IP-522), Komering Irrigation Project Stage Phase II (IP-523) dan Participatory Disaster
Reduction Project for Mount Merapi/Progo River Basin and Mt. Bawakaraeng (IP-524)
 Proses Pemilihan Lender

10/29/2021
1. Kebutuhan internal
2. Kebijakan Lender
3. Resiko terkait covenant
4. Resiko pengelolaan
 Terima kasih
10/29/2021
 LAMPIRAN

KEMENTERIAN PEKERJAAN UMUM

SEKRETARIAT JENDERAL – BIRO PERENCANAAN DAN KERJASAMA LUAR NEGERI
JL. PATTIMURA NO.20 KEBAYORAN BARU, JAKARTA SELATAN 12110, TELP/FAX 021.7246248
 REVIEW LAPORAN KINERJA PELAKSANAAN PROYEK PINJAMAN LUAR NEGERI
EDISI TRIWULAN IV TAHUN 2010 BAPPENAS

1. IBRD (BANK DUNIA)

 Loan 4664-IND Urban Poverty II tercantum tidak melakukan penarikan karena telah terjadinya
kesalahan pembebanan pada proyek lain.
 Dapat diidentifikasi adanya 2 proyek yang dikategorikan at risk dengan angka Progres Varian lebih
kecil dari -30 yaitu loan 4834-IND Strategic Road Infrastructure Project (PV= -40,66) dan loan 7669-ID
Dam Operational Improvement Safety Project (PV = -30,31)
 Masalah-masalah bersifat teknis meliputi lemahnya manajemen, personil proyek, dan
koordinasi sehingga menghambat proyek. Hampir seluruh proyek mengalami kendala dan masalah
yang bersifat teknis.
 Lamanya penerbitan No Objection Letter, seperti pada loan 4834-IND Strategic Road
Infrastructure Project , 4786-IND Urban Sector Development Reform Project, 7730-ID (Urban Water
Supply and Sanitation Project), 7867-ID National Program for Community Empowerment-Rural
 Permasalahan alokasi DIPA yaitu adanya kesalahan dalam pencantuman informasi anggaran, jumlah
alokasi dalam DIPA dan keterlambatan DIPA, seperti pada loan 4711-IND Water Resources and
Irrigation Sector Management, 7669-ID Dam Operational Improvement and Safety Project, 4744-ID
Second Eastern Indonesia Region Transport, 4384-IND Strategic Road Infrastructure Project, 4204-IND
Third WSSLIC – PAMSIMAS, 4779-IND Urban Poverty III, 4786-IND Urban Sector Development Reform
Project, 7866-ID National Program for Community Empowerment – Urban III, 4385-IND National
Program for Community Empowerment
 Masalah backlog terjadi pada loan 4711-IND Water Resources and Irrigation Sector Management
sejumlah Rp 1,1 Miliar yang akan dilakukan replenishment pada awal bulan Februari 2011
 Lamanya proses pengadaan barang dan jasa, seperti pada loan 4744-ID Second Eastern Indonesia
 REVIEW LAPORAN KINERJA PELAKSANAAN PROYEK PINJAMAN LUAR NEGERI
EDISI TRIWULAN IV TAHUN 2010 BAPPENAS

1. IBRD (BANK DUNIA)

 Permasalahan alokasi DIPA yaitu adanya kesalahan dalam pencantuman
informasi anggaran, jumlah alokasi dalam DIPA dan keterlambatan DIPA,
seperti pada loan 4711-IND Water Resources and Irrigation Sector Management, 7669-ID Dam
Operational Improvement and Safety Project, 4744-ID Second Eastern Indonesia Region Transport,
4384-IND Strategic Road Infrastructure Project, 4204-IND Third WSSLIC – PAMSIMAS, 4779-IND Urban
Poverty III, 4786-IND Urban Sector Development Reform Project, 7866-ID National Program for
Community Empowerment – Urban III, 4385-IND National Program for Community Empowerment
 Masalah backlog terjadi pada loan 4711-IND Water Resources and Irrigation Sector Management
sejumlah Rp 1,1 Miliar yang akan dilakukan replenishment pada awal bulan Februari 2011
 Lamanya proses pengadaan barang dan jasa, seperti pada loan 4744-ID Second Eastern
Indonesia Region Transport dan 7730-ID Urban Water Supply and Sanitation Project
 REVIEW LAPORAN KINERJA PELAKSANAAN PROYEK PINJAMAN LUAR NEGERI
EDISI TRIWULAN IV TAHUN 2010 BAPPENAS

2. ADB
 Terdapat pinjaman proyek yang mengalami keterlambatan yang cukup signifikan
dalam penarikan dana. Hal ini diindikasikan dari rendahnya progres varian yang lebih
kecil dari -30. Proyek tersebut adalah 2064-INO Participatory Irrigation Sector Project
 Masalah penerbitan revisi dokumen, perpanjangan,
keterlambatan
ketersediaan DIPA dan dana pendamping untuk tahun perpanjangan terjadi
pada proyek-proyek: 2064/2065-INO Participatory Irrigation Sector Project
 Masalah pembebasan tanah terjadi pada proyek-proyek: 2072/2073-INO
Neighborhood Upgrading Shelter SP
 Permasalahan dalam proses pengadaan terjadi pada proyek-proyek: 2500/2501-INO
Integrated Citarum WRMP, 2072/2073-INO Neighborhood Upgrading Shelter SP,
2575-INO Rural Infrastructure Support – PNPM II
 Masalah backlog terjad pada proyek-proyek 2064/2065-INO Participatory Irrigation
Sector Project, 2449-INO Rural Infrastructure Support – PNPM, 2500/2501-INO
Integrated Citarum WRMP, 2575-INO Rural Infrastructure Support – PNPM II
 REVIEW LAPORAN KINERJA PELAKSANAAN PROYEK PINJAMAN LUAR NEGERI
EDISI TRIWULAN IV TAHUN 2010 BAPPENAS

3. JICA
 Permasalahan yang muncul dalam proses pengadaan barang/jasa diantaranya adalah
kurang lengkapnya dokumen tender, terlambatnya penandatanganan kontrak beberapa
paket konstruksi, belum terbitnya persetujuan untuk lelang paket pembangunan gedung,
dan beberapa paket yang masih dalam proses tender. Proyek-proyek tersebut adalah;
Lower Solo River Improvement Project II (IP-522), Urgent Disaster Reduction Proj. for Mt.
Merapi & Bawakaraeng (IP-524), Participatory Irrigation Rehab & Improvement Mgt
Project (IP-546), Decentralized Irrigation System Improvement Project II (IP-547), Urban
Flood Control System Improvement in Selected Area (IP-551), Hasanuddin University
Development (IP-541), Tanjung Priok Access Road Construction Project I (IP-529), Tanjung
Priok Access Road Construction Project II (IP-531)
 Masalah laporan audit, terkait dengan pelaksanaan audit mengenai eskalasi harga,
terjadi pada paket kegiatan di pinjaman Urgent Disaster Reduction Proj. for Mt. Merapi &
Bawakaraeng (IP-524)
 Kendala cuaca maupun bencana alam, curah hujan yang relatif tinggi menjadi
penghambat progres pelaksanaan kegiatan di beberapa proyek yang berada di bawah
tanggung jawab Kementerian PU, khususnya proyek-proyek sumber daya air, seperti
Water Resources Existing Facilities Rehab (IP-510), Lower Solo River Improvement Project
II (IP-522), Komering Irrigation Project Stage Phase II (IP-523) dan Participatory Disaster
Reduction Project for Mount Merapi/Progo River Basin and Mt. Bawakaraeng (IP-524)
 REVIEW LAPORAN KINERJA PELAKSANAAN PROYEK PINJAMAN LUAR NEGERI
EDISI TRIWULAN IV TAHUN 2010 BAPPENAS

4. BILATERAL LAINNYA (AUSTRALIA, CHINA, PERANCIS, & KOREA

 Masalah keterlambatan proses pengadaan barang dan jasa , seperti terjadi

pada proyek pinjaman AIPRD-L-002 Eastern Indonesia National Road
Improvement, EDCF INA-11 Manado By-Pass Project Phase II
 Kesulitan teknis dalam implementasi di lapangan, seperti terjadi pada
proyek pinjaman dengan nomor pinjaman AIPRD-L-002 Eastern Indonesia
National Road Improvement, 21595701 Construction of Jatigede Dam
Project, EDCF INA-11 Manado By-Pass Project Phase II
 Masalah pembebasan tanah, seperti pada proyek dengan nomor pinjaman
AIPRD-L-002 Eastern Indonesia National Road Improvement, dan 21595701
Construction of Jatigede Dam Project
REKAPITULASI PEMANFAATAN DANA LOAN DITJEN. BINA MARGA
TA 2011
 TERIMA KASIH

KEMENTERIAN PEKERJAAN UMUM

SEKRETARIAT JENDERAL – BIRO PERENCANAAN DAN KERJASAMA LUAR NEGERI
JL. PATTIMURA NO.20 KEBAYORAN BARU, JAKARTA SELATAN 12110, TELP/FAX 021.7246248
31
 Lembaga Pemberi Pinjaman
di Kementerian PUPR
(status: September 2018)

Lender Pinjaman (USD) Realisasi % Realisasi

Hongaria 36,443,330 21,473,601 58.92
RRT 549,676,534 281,772,959 51.26
Korea 100,000,000 40,904,672 40.90
WB 2,101,040,000 798,522,022 38.01
IDB 509,760,000 187,160,943 36.72
JICA 1,049,198,802 190,191,055 18.13
ADB 1,258,300,000 226,035,171 17.96
KfW 88,091,293 11,401,038 12.94
AIIB 591,500,000 45,682,841 7.72
IFAD 98,500,000 2,652,446 2.69
Total 6,382,509,959 1,805,796,748 28.29