The Credit Guarantee and Investment Facility (CGIF), a trust fund of the Asian Development Bank (ADB), was established to support financial stability and promote long-term investments across the ASEAN region. The “Appreciation Night” event celebrated 14 years of successful collaboration and achievements by CGIF alongside its strategic partners in Indonesia who have significantly contributed to its journey.
During the event, PT Polytama Propindo (Polytama) had the honor of attending upon invitation from CGIF to receive an award recognizing its achievement as “The 1st Sukuk Issuance Guarantee by CGIF.” In the context of sukuk issuance, CGIF acted as the guarantor for Polytama’s sukuk, marking a significant milestone for CGIF in showcasing its capability to strengthen the capital market in the ASEAN region.
In his speech, CGIF Vice President of Operations, Anuj Awasthi, highlighted Indonesia as one of the most promising bond markets in Southeast Asia, with great potential for credit rating improvements and private bond market growth.
This inaugural appreciation event in Indonesia also served as a platform for CGIF to acknowledge the valuable contributions of key stakeholders, including issuers, organizers, regulators, and market participants.
As a pioneer in issuing Sukuk Ijarah supported by CGIF, Polytama continues to demonstrate its commitment to innovation in Sharia-based financing and its contribution to strengthening an inclusive and sustainable financial sector in Indonesia.
The event, held on December 3 at The Ritz-Carlton Jakarta, Pacific Place, was attended by various stakeholders, including strategic partners, representatives of national and international financial institutions, and industry leaders. The award further solidifies Polytama’s strategic role as a trailblazer in adopting Sharia-based financial solutions in Indonesia.
The award was received on behalf of Polytama by Mr. Uray Azhari, Finance Director of Polytama. This recognition underscores the importance of continued strategic synergy with CGIF to drive mutual success and support Polytama’s growth for the nation.
Mr. Uray Azhari expressed his gratitude to CGIF for their partnership and support, stating, “We hope this synergy will continue with CGIF’s support for the planned project bond issuance to finance the expansion of the Polypropylene Plant Balongan (PPB) project.”
Amid growing domestic demand for polypropylene (PP) products, Polytama has gained the trust of PT Pertamina (Persero) and PT Tuban Petrochemical Industries (TubanPetro) to develop the Polypropylene Plant Balongan (PPB) project. This expansion will double Polytama’s production capacity from 300,000 MTA to 600,000 MTA, positioning Polytama as one of the largest producers of PP resin in Indonesia.
