JAKARTA (Yosefardi) – PT Bank Mandiri Tbk (BMRI) plans to set up a venture company this year with fund allocation of Rp500 billion.

The Financial Services Authority (OJK) has approved BMRI’s proposal for setting up a venture company. OJK previously urged state banks to set up a venture company with strong capacity in funding the start-up companies.

BMRI, as well as Bank Rakyat Indonesia (BRI) and Bank Negara Indonesia (BNI), had on Wednesday last week (Sept 16) signed a combined US$3 billion loan with China Development Bank (CDB) in Beijing, China.

This is the first phase of US$30 billion funding commitment from CDB to finance infrastructure projects in Indonesia.