Indonesia Tourism Development Corporation (ITDC) signed an agreement with PT PP Tbk (IDX: PTPP) and syndicate loan facilities with state banks worth of Rp900 billion on Tuesday (07/15) - Photo by SOEs Ministry Office

JAKARTA (TheInsiderStories) – Indonesia Tourism Development Corporation (ITDC), developer of the Nusa Dua tourism area in Bali and the Mandalika Special Economic Zone in West Nusa Tenggara, signed an agreement with PT PP Tbk (IDX: PTPP) and syndicate loan facilities with state banks worth of Rp900 billion on Tuesday (07/15).

According to the deputy minister of state own enterprises (SOEs), Kartika Wirjoatmodjo, this cooperation agreement will take effect on July 15. According to him, the success of the 2021 MotoGP is very important for Indonesia.

The construction of this project uses the PreFinanced Project scheme in order to develop the Mandalika Circuit area on an area of ​​52.5 hectares within the Mandalika Super Priority Tourism Destination area. The circuit has a track length of 4.31 kilometers and is the first highway circuit in the world to be built from the concept stage.

“We are optimistic that the ITDC collaboration with PTPP will support the acceleration of the development of the Mandalika Street Circuit national project which will be used to hold the Indonesian MotoGP world event starting in 2021,” said CEO of ITDC, Abdulbar M. Mansoer, on the same occasion.

The construction of the project has reached 40 percent and the asphalting process is scheduled to begin in January 2021. Overall, the Mandalika Circuit development is targeted to be completed by mid-2021.

“The holding of the MotoGP event is believed to be able to increase the number of tourist visits to Indonesia to reach 300 thousand people per year and provide a strong positioning for Indonesia as a leading sports entertainment destination in the Asian region, so we are optimistic that this event will be a driving force for the revival of Indonesian tourism after Pandemic , “Abdulbar said.

For this project, the government has provided support through the ministries and SOEs in the form of building direct access roads along the 17.39 kilometers with the right of way a 50-meter wide road from Lombok International Airport to The Mandalika by the ministry of public works and public housing.

Then, the addition of runway length, cargo upgrade and accessibility, apron expansion and taxiway widening as well as promotion activities at Lombok International Airport carried out by PT Angkasa Pura I, cargo and cruise facility development by PT Pelindo III and PT ASDP, addition of electricity capacity in the region by PT Perusahaan Listrik Negara, and the opening of new bus routes serving a number of areas in Lombok to The Mandalika by Perum DAMRI.

ITDC is a state firm that has a business line to build and develop tourism areas in Indonesia. The company is assigned to develop tourism destinations outside of Bali.

In 2017 the Mandalika has officially operated as a Special Economic Zone and has since attracted Real Estate Investment of US$1.3 billion. At present, The Mandalika is being developed as a world-class tourism destination, with various international standard facilities and attractions.

US$1: Rp14,300

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