IFC’s investment will help Trans Corp add new retail stores across 25 cities by 2025. This will subsequently boost the growth of modern retail infrastructure across the country and improve consumers’ access to a range of quality products. It will further develop local supply chains, involving a larger base of local suppliers and Small and Medium Enterprises (SMEs).
“We are honored to partner with a global player like IFC with extensive global experiences, extensive networks, and knowledge. IFC’s support will help us expand and serve a growing number of customers with innovative products and services, while also investing in their future by adopting more sustainable business practices,” said Chairul Tanjung, CT Corp Chairman.
In line with the government of Indonesia’s strategic priority to develop the country’s tourism sector supported by a World Bank loan of $300 million, IFC’s investment will also help Trans Corp expand its tourism operations. In addition to its existing properties, the Group has an agreement with Accor, a global hospitality company, to develop 30 new hotels, adding nearly 6,000 new rooms across the country.
Further, addressing the needs of the middle-income population as well as the country’s housing deficit, Trans Corp is developing more than 10,000 affordable apartments across multiple locations.
Trans Corp’s expansion of its retail operations is expected to create over 30,000 new jobs in Indonesia. In addition, working with over 6,000 suppliers—nearly 70 percent are SMEs—around 23,000 indirect jobs will be created in areas such as farming and distribution.
Jakarta, Indonesia, February 18, 2019 —IFC, a member of the World Bank Group, and PT CT Corpora (CT Corp) today announced their first investment transaction together, in which IFC is providing a loan package of $275 million to PT Trans Corpora (Trans Corp), a wholly owned subsidiary of CT Corp. The aim is to support the growth of its retail, tourism, and property operations across the country.