REPUBLIKA.CO.ID, SURABAYA -- State-owned port operator, Indonesia Port Corporation (IPC) III obtains foreign loans worth 121,241,870 USD or 1.2 trillion IDR from Credit Suisse and Deutsche Bank of London. President Director of IPC III, Djarwo Suryanto said that the loan had through a long way.

Suryanto said that he had to get permission from Ministry of State Owned Enterprises, National Development Agency (Bappenas), Ministry of Transportation, Ministry of Finance, Bank Indonesia (BI) and Coordinating Ministry for Economic Affairs.

"After we obtained the permission, we finally negotiated the loan," Suryanto said recently.

The loan has low interest rates or about 1.39 percent with a repayment period of seven years. The scheme is Export Credit Agency through Finnvera, an insurance agency of Finland.