Page 133 - Buku BPJT 2020

BADAN PENGATUR JALAN TOL

The funding structure should ideally
follow the trend of revenue of the toll road
operations. There are several instruments
or facilities in the financial industry that
can accommodate these needs, namely
Gerbang Tol Samboja, Balikpapan, Kalimantan Timur, 2020.
zero coupon bonds and step up interest.
In zero coupon instruments, the interest on
Public Service Agencies for Toll Road Financial Policy Recommendations the loan is paid in a lump sum at the end of
Development Funding the tenor. The interest expense for step up
Toll road revenues at the beginning of the interest is charged in stages that are set
ITRA initiated the formation of a Public operating period tend to be low because beforehand in an agreement between the
Service Agency that will facilitate the need the volume of new traffic will start small and debtor and creditor. In this context, ITRA
for funds for business entities to overcome then gradually increase. Business entities is giving recommendations for financial
the cash flow deficit. This revolving fund generally receive capital support from their institutions and regulators handling the
can be put for various use, from financing a parent company to cover cash shortages financial industry to provide flexibility to
feasibility study to providing a construction at the beginning of the operating period. the toll road sector.
bailout fund.

Hence, Public Service Agencies can be the
solution to address the liquidity needs of
business entities before they can meet
the requirements and conditions to get
a loan from banks. Bailouts can be used
during construction or at the beginning
of operation. Several toll roads have
received loan to obtain cash support (cash
deficiency support/CDS) from financial
institutions, such as the Pemalang-
Batang, Bakauheni-Terbanggi Besar, and
Pekanbaru-Dumai toll roads.
BADAN PENGATUR JALAN TOL

Gerbang Tol Minas.

Transformasi Jalan Tol, Merajut Nusantara (Toll Road Transformation, Connecting The Nation) | 133