Financing agreed for Q-Free Jakarta contract

Q-Free has confirmed that a loan agreement has been signed between Export Credit Norway and PT Rin Indonesia Jaya, a subsidiary of PT Inovisi Infracom Tbk, for part financing of the contract signed in 2011 for an electronic law enforcement (ELE) project. As part of the financing agreement, PT Inovisi Infracom Tbk has signed a parent company guarantee for the loan. The loan will be released upon initial payment of US$6 million to Q-Free, which will also mark the start-up of the project. The loan from Expor
July 30, 2013 Read time: 2 mins
108 Q-Free has confirmed that a loan agreement has been signed between Export Credit Norway and PT Rin Indonesia Jaya, a subsidiary of PT Inovisi Infracom Tbk, for part financing of the contract signed in 2011 for an electronic law enforcement (ELE) project.  As part of the financing agreement, PT Inovisi Infracom Tbk has signed a parent company guarantee for the loan.

The loan will be released upon initial payment of US$6 million to Q-Free, which will also mark the start-up of the project.  The loan from Export Credit Norway is the majority of the external financing of the project and represents a very important milestone in the progress towards a start-up of the project.

Under the US$169 million contract, Q-Free will deliver roadside infrastructure and tags over a two-year period, and service and maintenance over a five-year period.

The system will be based on Q-Free's tolling solutions and will be used by the Indonesian Police for traffic monitoring in the capital Jakarta (DKI) and surrounding areas (Bodetabek). It will provide a more efficient system for monitoring and control of registered vehicles in Indonesia and improve the efficiency of the local police to enforce stolen vehicles, fake number plates and security related incidents.
Charging, Tolling & RUC

For more information on companies in this article

Related Content

  • Making enforcement multi-functional
    June 23, 2016
    New enforcement equipment is coming onto the market apace, as Colin Sowman discovers. If there is one word that epitomises the current trend in enforcement technology then that word is consolidation: multi-function cameras, miniaturisation and combining radar and visual detection methods. One example is Turkish company Ekin Technology’s recently introduced Micro Plate is claimed to be the smallest licence plate recognition device. In addition to logging licence plate data, the system records speed, date, ti
    Read More
  • Transition to all electronic tolling leads to cost savings
    February 2, 2012
    How a temporary congestion-relief solution resulted in the North Texas Tollway Authority's transition to all-electronic toll collection and potential savings of up to $472 million by 2045. By Carla Kienast, ETC Corporation
    Read More
  • Delivering accurate vehicle identification
    August 1, 2012
    In the Netherlands, TNO, the independent research organisation, has been engaged in a project on behalf of the RDW, the Dutch vehicle registration and licensing authority, intended to look at the feasibility of using electronic means to make vehicle identification more accurate and less susceptible to fraud. Electronic Vehicle Identification (EVI) has been in existence in various forms for several years now but TNO was tasked with finding out whether OnBoard Unit (OBU)-based applications could be complement
    Read More
  • Rating agency Standard and Poor Tolling sees a bright future for tolling
    September 6, 2017
    Few disruptions appear on the horizon for global toll road operators, with the US poised to become a better bet for major investment, according to ratings agency Standard and Poor’s (S&P’s) Global Ratings’ 2017 report, which rates toll road operators according to their ability to raise capital. The outlook is generally stable for business conditions and credit quality for toll roads worldwide. One positive exception is the US where the overall outlook is ‘positive’ as S&P expects traffic growth to increase
    Read More

Highlighted Content