Banking Commitment to Finance Downstreaming on Shaky Ground

Certainty of financing from banks remains a hurdle to vault over for the continuation of Indonesia’s downstreaming.

Fahmi Ahmad Burhan

7 Mar 2024 - 14.56
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Banking Commitment to Finance Downstreaming on Shaky Ground

The atmosphere of Harita Nickel's nickel mine excavation on Obi Island, North Maluku. Bisnis Indonesia/Fanny Kusumawardhani

Bisnis, JAKARTA — Major banks have expressed their commitment to support credit demand from the mining sector this year, especially to promote downstreaming through the construction of smelters.

According to Indonesian Banking Statistics data, outstanding bank credit disbursement to the mining and quarrying sector throughout 2023 reached IDR290.5 trillion. This value grew rapidly by 22.36 percent year-on-year (YoY).

This growth rate far exceeds the total banking industry credit performance last year, which stood at 10.38 percent YoY. Moreover, in 2022, the growth rate of credit disbursement to the mining and quarrying sector skyrocketed even higher, reaching 54.35 percent compared to 2021, amounting to IDR237.4 trillion.

Meanwhile, credit to the processing sector recorded a 4.72 percent YoY growth throughout 2023, reaching IDR1,117.3 trillion, compared to the previous year’s growth of 12.19 percent YoY to IDR1.067 trillion.

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Banking Commitment to Finance Downstreaming on Shaky Ground

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