Selanjutnya
A g r e e m e n t
between
the Government of the Republic of Indonesia
and
the Government of the Swiss Confederation
on
Trans fer Credi ts
In an endeavour to facilitate the purchase of Swiss capital
goods and services for the development of the Indonesian economy,
the Government of the Republic of Indonesia and the Government of
the Swiss Confederation have agreed on the opening of transfer
credits (hereinafter called ''the transfer credit"), for the
payment of supplies and services in connection with projects
as mentioned in the priority list of Indonesia's economic
development.
For this purpose the two Governments have agreed on the following
arrangements:
1. a) The total amount of Swiss supplies of capital goods and
services under such transfer credits shall be three hundred
million Swiss francs. The Government of the Republic of
Indonesia shall, however, not be obligated to use up the
offered transfer credits.
b) No financial charges whatsoever to the Government of the
Republic of Indonesia shall result from the present
Agreement, except the responsibility of the Government
of the Republic of Indonesia to repay each transfer credit
as stipulated in Article 8 of this Agreement.
- 2 -
c) Transfer credits granted to the Government of the Republic
of Indonesia by the group of Swiss banks shall be subjected
to interest payments only. No commitment fee or any
financial charges will be claimed.
2. The transfer credits in the sense of this Agreement shall mean
credits made available to the Government of the Republic of
Indonesia by a group of Swiss Banks and guaranteed by the
Government of the Swiss Confederation through its Export
Risk Guarantee.
3. A specific credit agreement shall be concluded between the
group of Swiss banks on the one hand and the Government of
the Republic of Indonesia on the other hand, on the implementation procedures of transfer credits in relation to the
procurement of supplies and services mentioned above.
4. a) The purchase of capital goods and services required for
the projects and to be financed out of the transfer credits
shall be made on the basis of international tendering
procedure, as adopted by the Government of the Republic
of Indonesia in line with the Government policies and
procedures in Indonesia.
b) All supply contracts to be financed under the present
credit Agreement shall be subject to the approval by the
Federal Division of Commerce on the Swiss side and the
Government of the Republic of Indonesia through its
Department of Finance on the Indonesian side.
5. Within its legal competence the Government of Switzerland
shall facilitate the conclusion of supply contracts.
- 3 -
6. The two Governments agree that the standard terms set out
below shall apply to all transactions covered by the present
Agreement:
a) The Indonesian buyer shall pay to the Swiss supplier,
unless otherwise agreed upon, in effective free Swiss
francs,
(i)
five per cent of the total value of the supply contract
immediately after having received confirmation that the
supply contract has been approved by the competent
Indonesian and Swiss authorities mentioned in paragraph
4 b) of the present Agreement and by the effectiveness
of the specific agreement mentioned in paragraph 3.
(ii) ten per cent of the total value of the supply contract
at the date of shipment or, in the case of partial
deliveries, ten per cent of the value of each partial
supply at the date of such partial shipment against
presentation of invoices and shipping documents.
b) The group of Swiss banks shall pay to the Swiss supplier,
by direct debit to the advance account of the Government of
the Republic of Indonesia, eighty-five per cent of the total
value of the supply contract against presentation of invoice
and shipping documents. If tota l ly used, the credit shall
amount to two hundred and fifty-five million Swiss francs.
7. The Government of the Republic of Indonesia or its designated
agency undertakes to make payment for interest and repayment
of principal when due in effective free Swiss francs to the
group of Swiss banks resulting from the utilization of transfer
credits.
- 4 -
8. The Government of the Republic of Indonesia shall repay each
transfer credit within a period of twelve years, in equal and
consecutive halfyearly instalments, the first one falling due
and payable six months after readiness for operation of the
respective projects.
9. Either authority may propose to the other, through the channel
of the Swiss Embassy in Jakarta, that a specific supply
contract be included in the Agreement.
10. All applications for the inclusion of supply contracts in the
Agreement shall be submitted within thirty-six months after
the coming into force of this Agreement.
11. This Agreement shall come into force on the day of its
signature.
12. Either Government may at any time give notice to the other
of its intention to terminate the Agreement and this Agreement
shall terminate three months after the date of such notice.
However, it will continue to have effect for all contracts
concluded while it was in force until such contracts are
fully carried out.
Done in duplicate in Berne, this 22nd day of January, 1979,
in English and German, both texts being equally authoritative.
In case of differences of interpretation the English text shall
prevail.
For the Government of the
For the Government of the
Republic of Indonesia:
Swiss Confederation:
Signed
Signed
\';
\
\
I . t
A G R E E ME N T
made between
THE GOVERNMENT OF THE REPUBLIC OF INDONESIA acting by and
through the Department of Finance
(hereafter called "the Government of Indonesia")
on the one part
and
UNION BANK OF SWITZERLAND, a company limited by shares,
inc·orporated under the Laws of Switzerland, whose principal
office is at 45, Bahnhofstrasse, Zurich, Switzerland
CREDIT SUISSE, a company limited by shares, incorporated
under the Laws of Switzerland, whose principal office is
at 8, Paradeplatz, Zurich, Switzerland
SWISS BANK CORPORATION, a company limited by shares,
incorporated under the Laws of Switzerland, whose principal
office is at 1, Aeschenvorstadt, Basle, Switzerland
SWISS VOLKSBANK, a co-operative society, incorporated
under the Laws of Switzerland, whose principal office
is at 26, Bundesgasse, Berne, Switzerland
(hereafter individually and collectively called
"the SWISS BANKS")
on the other part
/.
- 2 -
WHEREAS an Agreement on transfer credits has be en concluded
on
January 22, 1979 between the Government of Indones ia
and the Government of the Swiss Confederation (hereaft e r
called "the Swiss Government") for the purchase of Swiss
capital goods and services for the development of the
Indonesian e.conomy and for which a long period of
amortization is justified,
WHEREAS the Government of Indonesia wishes to borrow from
time to time, in accordance with the terms of this
Agreement sums of up to Swiss francs 255'000'000 for the
financing of purchases of Swiss capital goods and
services of Swiss francs 300'000'000,
WHEREAS the SWISS BANKS are prepared to extend such
advances,
IT IS HEREBY AGREED as follows:
ARTICLE I
In accordance with Article 2 of the Agreement on transfer
credits the SWISS BANKS undertake to hold at the disposal
of the Government of Indonesia credit facilities of up to
the amount of
SFr. 255'000 1 000.-(twohundredandfiftyfivemillion Swiss Francs)
in which amount the individual SWISS BANKS participate
with the following quotas:
I
- 3 -
Union Bank of Switzerland
Credit Suisse
Swiss Bank Corporation
Swiss Volksbank
3/10
3/10
3/10
1/10
Union Bank of Switzerland, Zurich, Bahnhofstrasse 45,
shall act as agent for the SWISS BANKS and shall keep
the accounts to be opened in the name of the Government
of Indonesia or Bank Indonesia as its agent for the
execution of the present Agreement and carry on all
correspondence in connection therewith.
All notifications by the SWISS BANKS in connection with
the Agreement shall be deemed to have been duly given if
made in writing addressed to the Director General for
International Monetary Affairs of the Department of
Finance, Jalan Lapangan Banteng Timur 2-4, Jakarta,
Indonesia.
All notifications and remittances by the Government of
Indonesia or any institution designated by the latter
shall be deemed to have been duly given if made to
Union Bank of Switzerland, Bahnhofstrasse 45, 8021 Zurich,
Switzerland.
ARTICLE II
Only contracts approved by the Government of Indonesia
through the Department of Finance on the Indonesian side,
and the Federal Division of Commerce and the SWISS BANKS,
on the Swiss side, and covered by the Export Risk Guarantee
of the Swiss Federal Government, shall be eligible for
financing under the present Agreement.
4 -
All applications for the financing of supply contracts in
the framework of this Agreement shall be submitted by the
Government of Indonesia through the Department of Finance
to the Federal Division of Commerce within 36 (thirty-six)
months after coming into force of the present Agreement.
In principle the invoice amount of any supply contract
shall be not less than Swiss Francs 100 1 000.--. Partial
shipments shall be possible only for individual invoice
amounts of not less than SFr. 50 1 000.-- except that this
requirement shall not apply to the final shipment.
ARTICLE III
The credit facilities shall be available to the Government
of Indonesia upon the terms and conditions set forth in
this Agreement and the Agreement on transfer credits
concluded on January 22, 1979 between the Government of
Indonesia and the Swiss Government.
As far as this Agreement varies from the above mentioned
Agreement on transfer credits the present Agreement will
be binding.
ARTICLE IV
This Agreement shall become effective as soon as it has
been signed by all parties concerned and the Agreement
on transfer credits has come into force in accordance
with Article 11 thereof.
ARTICLE V
The credit facilities extended by the SWISS BANKS shall be
utilized by the Government of Indonesia exclusively for
the purpose of enabling Indonesian importers to pay 85 %
of the invoice value to Swiss suppliers.
- 5 -
ARTICLE VI
The following standard terms shall apply to all contracts
to be financed under the present Agreement:
- Five percen t of the total value of the supply
contract shall be paid by the Indonesian buyer
to the Swiss supplier in effective free Swiss
Francs immediately after having received
confirmation that the supply contract has been
approved by the competent Indonesian and Swiss
authorities mentioned in Article II of the
present Agreement.
- Ten percent of the total value of each shipment
shall be paid by the Indonesian buyer to the
Swiss supplier in effective free Swiss Francs
against presentation of shipping documents,
under an irrevocable Letter of Credit opened by
the Bank Indonesia in favour of the Swiss supplier
with any of the four SWISS BANKS designated by
the Swiss exporter. This Letter of Credit shall
be opened immediately after receipt of confirmation that the supply contract has been
approved by the competent Indonesian and Swiss
authorities mentioned in Article II of the
present Agreement.
- Eighty-five percent of the total value of each
shipment shall be paid to the Swiss supplier
against presentation of shipping documents under
the above mentioned Letter of Credit, opened for
the ten percent portion of the total value of each
shipment, in accordance with the provisions of
the present Agreement.
- 6 -
- The contracts between the Indonesian buyer and
the Swiss supplier as well as the Letter of
Credit shall include a clause stating that
the financing of the goods shall be made under
the Agreement on transfer credits concluded
between the Government of Indonesia and the
Swiss Government
ARTICLE VII
All amounts utilized by the Government of Indonesia
under the present Agreement will be debited to advance
accounts opened in the name of the Government of Indonesia
or Bank Indonesia as its agent in the books of Union
Bank of Switzerland, Zurich, acting as agent on behalf
of the SWISS BANKS. All drawings with an identical
repayment period and an identical interest rate, made
during any 6 month-period, beginning on March 31 and on
September 30 of each year, shall be debited to a single
advance account, kept in the books of Union Bank of
Switzerland, Zurich.
ARTICLE VIII
The total amount drawn by the Government of Indonesia
under the present Agreement during any 6 month-period as
quoted under Article VII shall be repaid to the SWISS
BANKS in effective free Swiss Francs within a pe r i od of
twelve years in 24 equal and consecutive halfyearly
instalments, the first one falling due and payable six
months after readiness for operation of the respective
projects.
- 7 -
The supply contract and the letter of application to be
submitted to the Swiss Federal Division of Commerce after
approval by the Department of Finance of Indonesia shall
specify a reasonable deadline for the latest possible
due date of the first instalment to become due and
payable, to be computed as from the date of coming into
force of the supply contract. This deadline is subject
to approval by the Federal Division of Commerce, the
Export Risk Guarantee of the Swiss Federal Government
and the SWISS BANKS.
In accordance with the provisions made in Article 12
of the Agreement on transfer credits between the
Government of Indonesia and the Swiss Government either
of the contracting Governments may at any time give
notice to the other of its intention to terminate the
Agreement and the Agreement shall terminate three months
after the date of such notice. However, it will continue
to have effect for all contracts concluded while it was
in force until such contracts are fully carried out and
the outstanding principal is fully repaid together with
the accrued interest.
ARTICLE IX
The following interest will be charged on the outstanding
debit balance of the advance accounts.
Alternative I (readjustment after 5 years)
On
to
or
at
the outstanding debit balance of the advance accounts
be opened in the name of the Government of Indonesia
Bank Indonesia as its agent interest will be charged
1 5/8 % net (one and five-eighth percent) above the
- 8 -
average issuing rate of the SWISS BANKS'5-year cash bonds,
prevailing at the time of each such availment. The interest
rate shall be firm for the first five years, then it shall
be readjusted at 1 5/8 % net (one and five-eighth percent)
above the average issuing rate of the SWISS BANKS'5 year
cash bonds in force at that time and shall be firm for
another 5 years. After the second period of five years the
interest rate shall be readjusted again at 1 5/8 % net
(one and five-eighth percent) above the average rate of
the SWISS BANKS' cash bonds as follows:
remaining duration of
the advance:
up to 3 years
above 3 - 4 years
above 4 - 5 years
maturity of
cash bonds:
3 years
4 years
5 years
This rate shall be firm thereafter for the remaining
duration of the advance.
Alternative II
On the outstanding debit balance of the advance accounts to
be opened in the name of the Government of Inonesia or Bank
Indonesia as its agent interest will be charged at 1 3/4 %
net (one and three-quarter percent) above the average issuing
rate of the SWISS BANKS'8-year cash bonds, prevailing at the
time of each such availment. The interest rate shall be firm
for ten years, then it shall be readjusted at 1 3/4 % net
(one and three-quarter percent) above the average issuing
rate of the SWISS BANKS' cash bonds as follows:
remaining duration of
the advance:
up to 3 years
above 3 - 4 years
above 4 - 5 years
maturity of
cash bonds:
3 years
4 years
5 years
/
- 9 -
This rate shall be firm thereafter for the remaining
duration of the advance.
The Government of Indonesia has to decide at the time
of acceptance of each delivery-offer by the importer for
which of the two above Alternatives he wishes to opt.
ARTICLE X
The interest accrued on the advance accounts shall be
paid at the office of Union Bank of Switzerland, Zuri ch,
by the Government of Indonesia or Bank Indonesia as its
agent in effective free Swiss Francs on May 31 and
November 30, the first time on May 31 or November 30,
as the case may be, following the date on which the
credit facilities have been utilized for the first
time.
The principal instalments shall be paid when due and
payable by the Government of Indonesia or Bank Indonesia
as its agent at the office of Union Bank of Switzerland,
Zurich, in effective free Swiss Francs.
Union Bank of Switzerland will advise the Government of
Indonesia at least one month ahead of the principal instalments becoming due as well as of the due date of the
amount of interest payable together with a statement
showing the calculations of interest payment claimed for
any given period.
ARTICLE XI
With regard to all supply contracts to be financed under
the present agreement and approved by the competent
authorities of the two countries, the Government of
- 10 -
Indonesia undertakes to make the contractual payments
for interest and for reimbursement of principal
resulting from the granting of advances under this
Agreement at maturities in effective free Swiss Francs
free and clear of any present and/or future Indonesian
fiscal levy or tax in connection with the transfer of
the instalments of principal and the accrued interest
thereon. Notwithstanding
the foregoing the agreements
of the Government of Indonesia contained in this
article shall not be applicable to any income or
franchise tax levied or imposed on any of the SWISS
BANKS because it makes its portion of any advance available
from, carries the outstanding balance of its advance on
the books of, or receives any amount payable hereunder
at an office located in the Republic of Indonesia.
ARTICLE XII
If at any time the Government of Indonesia fails to
repay the principal of any instalment or fails to pay
the interest accrued under the present transfer credit
within 30 days of such payments becoming due and payable,
the.n the SWISS BANKS, at their option, have the right
- to declare all amounts then outstanding
under this transfer credit together with interest
due thereon up to the date of the actual payment
to be due and payable immediately.
to resign immediately from the present Agreement.
Such right may be exercised by the SWISS BANKS by simple
notification of Union Bank of Switzerland to the Government
of Indonesia by registered letter.
I
- 11 -
ARTICLE XIII
Swiss Law and Swiss Jurisdiction shall be applicable in
the construction and interpretation of the present
Agreement. Any dispute arising out of or in connection
with this Agreement may be decided in accordance with
Swiss Law by the Ordinary Courts of the Canton of Zurich,
subject to appeal to the Federal Tribunal at Lausanne,
and the Government of Indonesia hereby agrees to submit
to the jurisdiction of the said Courts and Tribunal,
without prejudice to the right of the SWISS BANKS to
sue in the Courts or apply for execution at any other
place where jurisdiction may exist or be established.
The Government of Indonesia hereby irrevocably waives on
behalf of itself as well as its commercial assets all
right of immunity from the jurisdiction of any Court
or from execution of judgment which the Government of
Indonesia or such assets now have or may have in the
future in respect of any matters arising out of this
Agreement and agrees that it will not claim any such
right of any matters arising out of this Agreement and
agrees that it will not claim any such right of immunity
against Union Bank of Switzerland or any of the SWISS
BANKS in respect of matters arising out of this Agreement.
For the purpose of execution in Switzerland, the Government
of Indonesia elects legal and special domicile at the
Embassy of Indonesia, 3006 Berne, which shall forthwith
notify the Government of Indonesia of any communication
received under the aforementioned paragraph.
- 12 -
THUS DONE AND SIGNED in 5 originals
At
Berne
this
22nd
day
of January
1979
For and on behalf of the
GOVERNMENT OF THE
REPUBLIC OF INDONESIA
by H.E. Ambassador W. Sukawati
who confirms that he is lawfully empowered to sign
the present Agreement for and on behalf of the
Government of Indonesia
Signed
UNION BANK OF SWITZERT,AND
.-.
'
.1
Signed
CREDIT SUISSE
Signed
SWISS BANK
,ｃｏｒｐａｔｉｾ
Signed
SWISS VOLKSBANT.\
Ｍ
A b k o m m e n
zwischen
der Regierung der Republik Indonesien
und
der Regierung der Schweizerischen Eidgenossenschaft
lib er
die Gewahrung von Transferkrediten
Im Bestreben, Indonesien den Bezug schweizerischer Investitionsgilter und Dienstleistungen filr die wirtschaftliche Entwicklung
Indonesiens zu erleichtern, haben die Regierung der Republik
Indonesien und die Regierung der Schweizerischen Eidgenossenschaft
vereinbart, zur Bezahlung von Lieferungen und Dienstleistungen
im Zusammenhang mit Projekten, wie sie in der Prioritatsliste der
indonesischen Wirtschaftsentwicklung erwahnt werden, Transferkredi te (nachstehend "die Transferkredite" genannt) zu eroffnen.
Zu diesem Zweck haben die beiden Regierungen folgendes vereinbart:
1. a) Der Gesamtwert der schweizerischen Lieferungen van Investitionsgiltern und Dienstleistungen unter derartigen Transferkrediten betragt dreihundert Millionen Schweizerfranken.
Die Regierung der Republik Indonesien ist nicht verpflicht et, die angebotenen Transferkredite voll auszuniltzen.
b) Flir die Regierung der Republik Indonesien entstehen aus
diesem Abkommen keinerlei finanzielle Verpflichtungen,
mit Ausnahme der Verantwortung, jeden Transferkredit
gemass Artikel 8 dieses Abkommens zurilckzuzahlen.
- 2 -
c) Die durch die Gruppe der Schweizer Banken der Regierung
der Republik Indonesien gewahrten Transferkredite unterliegen der Zinszahlungspflicht. Es werden keinerlei Verpflichtungsgebilhren oder andere Spesen geltend gemacht.
2. Transferkredite im Sinne dieses Abkommens sind Kredite, die
van der Gruppe der Schweizer Banken der Regierung der
Republik Indonesien gewahrt und van der Regierung der
Schweizerischen Eidgenossenschaft durch ihre Exportrisikogarant ie versichert werden.
3. Zwischen der Gruppe der Schweizer Banken einerseits und der
Regierung der Republik Indonesien anderseits wird eine besondere Kreditvereinbarung Uber die Verfahrensregeln abgeschlos sen, die bei der Beschaffung der erwahnten Gilter und
Dienstleistungen unter Beanspruchung van Transferkrediten
angewendet werden.
4. a) Der Kauf van Glitern und Dienstleistungen, die fur die
Projekte bestimmt und durch die Transferkredite zu finanzieren sind, soll aufgrund des internationalen Ausschreibungsverfahrens getatigt werden, wie es die Regierung der Republik Indonesien gemass ihren Richtlinien
in Indonesien vorschreibt.
b) Samtliche Liefervertrage, die durch dieses Kreditabkommen
finanziert werden sollen, bedlirfen der Genehmigung durch
die Handelsabteilung des Eidgenossischen Volkswirtschaftsdepartementes schweizerischerseits sowie durch die Regierung der Republik Indonesien, bzw. ihr Finanzdepartement,
indonesischerseits.
5. Die Regierung der Schweizerischen Eidgenossenschaft wird
im Rahmen ihrer gesetzlichen Moglichkeiten den Abschluss van
Liefervertragen erleichtern.
- 3 -
6. Die beiden Regierungen sind sich darilber einig, dass fur
samtliche diesem Abkommen unterstellten Geschafte die
nachstehenden einheitlichen Bedingungen gelten:
a) Der indonesische Kaufer zahlt dem schweizerischen Lieferanten, sofern nichts anderes vereinbart wurde, in
effektiven freien Schweizerfranken,
(i)
filnf Prozent des Gesamtwertes des Liefervertrages
sofort nach Erhalt der Bestatigung, dass der Liefervertrag von den in Artikel 4 b) dieses Abkommens
erwahnten schweizerischen und indonesischen BehBrden
genehmigt warden und die unter Artikel 3 erwahnte
Vereinbarung wirksam geworden ist.
(ii) zehn Prozent des Gesamtwertes des Liefervertrages
am Versandtag oder, im Falle von Teillieferungen,
zehn Prozent des Wertes jeder Teillieferung am
Versandtag der entsprechenden Teillieferung gegen
Vorweisung der Rechnungen und der Versanddokumente.
b) Die Gruppe der Schweizer Banken bezahlt dem Schweizer
Lieferanten filnfundachtzig Prozent des Gesamtwertes des
Liefervertrages gegen Vorweisung der Rechnung sowie der
Versanddokumente, unter direkter Belastung des Vorschusskontos der Regierung der Republik Indonesien. Bei vollstandiger Ausniltzung betragt der Kredit zweihundertfilnfundfilnzig Millionen Schweizerfranken.
7. Die Regierung der Republik Indonesien oder die von ihr
bezeichnete Stelle verpflichtet sich, fur alle unter dieses
Abkommen fallenden Lieferungen, die Gegenstand von Transferkredi ten bilden, die vertraglichen Zinszahlungen und Kreditrlickzahlungen bei Verfall in effektiven freien Schweizerfranken der Gruppe von Schweizer Banken zu leisten.
- 4 -
8. Die Regierung der Republik Indonesien wird jeden Transferkredit innerhalb von zwolf Jahren zurlickzahlen, und zwar in
gleichen aufeinanderfolgenden halbjahrlichen Raten, von
denen die erste sechs Monate nach Betriebsbereitschaft des
entsprechenden Projekts fallig und zahlbar wird.
9. Jede Behorde kann der anderen durch Vermittlung der
Schweizerischen Botschaft in Jakarta vorschlagen, einen
bestimmten Liefervertrag dem Abkommen zu unterstellen.
10. Alle Gesuche flir die Unterstellung von Liefervertragen
unter das Abkommen sind innert sechsunddreissig Monaten
seit Inkrafttreten dieses Abkommens einzureichen.
11. Dieses Abkommen tritt am Tage der Unterzeichnung in Kraft.
12. Jede Regierung kann der anderen jederzeit von ihrer Absicht
Kenntnis geben, das Abkommen zu beendigen. Das Abkommen
tritt drei Monate nach dem Datum einer solchen Mitteilung
ausser Kraft. Es gilt jedoch weiter fur alle wahrend seiner
Geltungsdauer abgeschlossenen Vertrage, bis diese voll abgewickelt sind.
Ausgefertigt in zwei Exemplaren, in Bern, am 22. Januar 1979,
in deutscher und englischer Sprache. Beide Texte besitzen gleiche
Rechtskraft, jedoch geht im Falle von Meinungsverschiedenheiten
der englische Text vor.
Flir die Regierung der
Filr die Regierung der
Republik Indonesien:
Schweizerischen Eidgenossenschaft:
Signed
Signed
between
the Government of the Republic of Indonesia
and
the Government of the Swiss Confederation
on
Trans fer Credi ts
In an endeavour to facilitate the purchase of Swiss capital
goods and services for the development of the Indonesian economy,
the Government of the Republic of Indonesia and the Government of
the Swiss Confederation have agreed on the opening of transfer
credits (hereinafter called ''the transfer credit"), for the
payment of supplies and services in connection with projects
as mentioned in the priority list of Indonesia's economic
development.
For this purpose the two Governments have agreed on the following
arrangements:
1. a) The total amount of Swiss supplies of capital goods and
services under such transfer credits shall be three hundred
million Swiss francs. The Government of the Republic of
Indonesia shall, however, not be obligated to use up the
offered transfer credits.
b) No financial charges whatsoever to the Government of the
Republic of Indonesia shall result from the present
Agreement, except the responsibility of the Government
of the Republic of Indonesia to repay each transfer credit
as stipulated in Article 8 of this Agreement.
- 2 -
c) Transfer credits granted to the Government of the Republic
of Indonesia by the group of Swiss banks shall be subjected
to interest payments only. No commitment fee or any
financial charges will be claimed.
2. The transfer credits in the sense of this Agreement shall mean
credits made available to the Government of the Republic of
Indonesia by a group of Swiss Banks and guaranteed by the
Government of the Swiss Confederation through its Export
Risk Guarantee.
3. A specific credit agreement shall be concluded between the
group of Swiss banks on the one hand and the Government of
the Republic of Indonesia on the other hand, on the implementation procedures of transfer credits in relation to the
procurement of supplies and services mentioned above.
4. a) The purchase of capital goods and services required for
the projects and to be financed out of the transfer credits
shall be made on the basis of international tendering
procedure, as adopted by the Government of the Republic
of Indonesia in line with the Government policies and
procedures in Indonesia.
b) All supply contracts to be financed under the present
credit Agreement shall be subject to the approval by the
Federal Division of Commerce on the Swiss side and the
Government of the Republic of Indonesia through its
Department of Finance on the Indonesian side.
5. Within its legal competence the Government of Switzerland
shall facilitate the conclusion of supply contracts.
- 3 -
6. The two Governments agree that the standard terms set out
below shall apply to all transactions covered by the present
Agreement:
a) The Indonesian buyer shall pay to the Swiss supplier,
unless otherwise agreed upon, in effective free Swiss
francs,
(i)
five per cent of the total value of the supply contract
immediately after having received confirmation that the
supply contract has been approved by the competent
Indonesian and Swiss authorities mentioned in paragraph
4 b) of the present Agreement and by the effectiveness
of the specific agreement mentioned in paragraph 3.
(ii) ten per cent of the total value of the supply contract
at the date of shipment or, in the case of partial
deliveries, ten per cent of the value of each partial
supply at the date of such partial shipment against
presentation of invoices and shipping documents.
b) The group of Swiss banks shall pay to the Swiss supplier,
by direct debit to the advance account of the Government of
the Republic of Indonesia, eighty-five per cent of the total
value of the supply contract against presentation of invoice
and shipping documents. If tota l ly used, the credit shall
amount to two hundred and fifty-five million Swiss francs.
7. The Government of the Republic of Indonesia or its designated
agency undertakes to make payment for interest and repayment
of principal when due in effective free Swiss francs to the
group of Swiss banks resulting from the utilization of transfer
credits.
- 4 -
8. The Government of the Republic of Indonesia shall repay each
transfer credit within a period of twelve years, in equal and
consecutive halfyearly instalments, the first one falling due
and payable six months after readiness for operation of the
respective projects.
9. Either authority may propose to the other, through the channel
of the Swiss Embassy in Jakarta, that a specific supply
contract be included in the Agreement.
10. All applications for the inclusion of supply contracts in the
Agreement shall be submitted within thirty-six months after
the coming into force of this Agreement.
11. This Agreement shall come into force on the day of its
signature.
12. Either Government may at any time give notice to the other
of its intention to terminate the Agreement and this Agreement
shall terminate three months after the date of such notice.
However, it will continue to have effect for all contracts
concluded while it was in force until such contracts are
fully carried out.
Done in duplicate in Berne, this 22nd day of January, 1979,
in English and German, both texts being equally authoritative.
In case of differences of interpretation the English text shall
prevail.
For the Government of the
For the Government of the
Republic of Indonesia:
Swiss Confederation:
Signed
Signed
\';
\
\
I . t
A G R E E ME N T
made between
THE GOVERNMENT OF THE REPUBLIC OF INDONESIA acting by and
through the Department of Finance
(hereafter called "the Government of Indonesia")
on the one part
and
UNION BANK OF SWITZERLAND, a company limited by shares,
inc·orporated under the Laws of Switzerland, whose principal
office is at 45, Bahnhofstrasse, Zurich, Switzerland
CREDIT SUISSE, a company limited by shares, incorporated
under the Laws of Switzerland, whose principal office is
at 8, Paradeplatz, Zurich, Switzerland
SWISS BANK CORPORATION, a company limited by shares,
incorporated under the Laws of Switzerland, whose principal
office is at 1, Aeschenvorstadt, Basle, Switzerland
SWISS VOLKSBANK, a co-operative society, incorporated
under the Laws of Switzerland, whose principal office
is at 26, Bundesgasse, Berne, Switzerland
(hereafter individually and collectively called
"the SWISS BANKS")
on the other part
/.
- 2 -
WHEREAS an Agreement on transfer credits has be en concluded
on
January 22, 1979 between the Government of Indones ia
and the Government of the Swiss Confederation (hereaft e r
called "the Swiss Government") for the purchase of Swiss
capital goods and services for the development of the
Indonesian e.conomy and for which a long period of
amortization is justified,
WHEREAS the Government of Indonesia wishes to borrow from
time to time, in accordance with the terms of this
Agreement sums of up to Swiss francs 255'000'000 for the
financing of purchases of Swiss capital goods and
services of Swiss francs 300'000'000,
WHEREAS the SWISS BANKS are prepared to extend such
advances,
IT IS HEREBY AGREED as follows:
ARTICLE I
In accordance with Article 2 of the Agreement on transfer
credits the SWISS BANKS undertake to hold at the disposal
of the Government of Indonesia credit facilities of up to
the amount of
SFr. 255'000 1 000.-(twohundredandfiftyfivemillion Swiss Francs)
in which amount the individual SWISS BANKS participate
with the following quotas:
I
- 3 -
Union Bank of Switzerland
Credit Suisse
Swiss Bank Corporation
Swiss Volksbank
3/10
3/10
3/10
1/10
Union Bank of Switzerland, Zurich, Bahnhofstrasse 45,
shall act as agent for the SWISS BANKS and shall keep
the accounts to be opened in the name of the Government
of Indonesia or Bank Indonesia as its agent for the
execution of the present Agreement and carry on all
correspondence in connection therewith.
All notifications by the SWISS BANKS in connection with
the Agreement shall be deemed to have been duly given if
made in writing addressed to the Director General for
International Monetary Affairs of the Department of
Finance, Jalan Lapangan Banteng Timur 2-4, Jakarta,
Indonesia.
All notifications and remittances by the Government of
Indonesia or any institution designated by the latter
shall be deemed to have been duly given if made to
Union Bank of Switzerland, Bahnhofstrasse 45, 8021 Zurich,
Switzerland.
ARTICLE II
Only contracts approved by the Government of Indonesia
through the Department of Finance on the Indonesian side,
and the Federal Division of Commerce and the SWISS BANKS,
on the Swiss side, and covered by the Export Risk Guarantee
of the Swiss Federal Government, shall be eligible for
financing under the present Agreement.
4 -
All applications for the financing of supply contracts in
the framework of this Agreement shall be submitted by the
Government of Indonesia through the Department of Finance
to the Federal Division of Commerce within 36 (thirty-six)
months after coming into force of the present Agreement.
In principle the invoice amount of any supply contract
shall be not less than Swiss Francs 100 1 000.--. Partial
shipments shall be possible only for individual invoice
amounts of not less than SFr. 50 1 000.-- except that this
requirement shall not apply to the final shipment.
ARTICLE III
The credit facilities shall be available to the Government
of Indonesia upon the terms and conditions set forth in
this Agreement and the Agreement on transfer credits
concluded on January 22, 1979 between the Government of
Indonesia and the Swiss Government.
As far as this Agreement varies from the above mentioned
Agreement on transfer credits the present Agreement will
be binding.
ARTICLE IV
This Agreement shall become effective as soon as it has
been signed by all parties concerned and the Agreement
on transfer credits has come into force in accordance
with Article 11 thereof.
ARTICLE V
The credit facilities extended by the SWISS BANKS shall be
utilized by the Government of Indonesia exclusively for
the purpose of enabling Indonesian importers to pay 85 %
of the invoice value to Swiss suppliers.
- 5 -
ARTICLE VI
The following standard terms shall apply to all contracts
to be financed under the present Agreement:
- Five percen t of the total value of the supply
contract shall be paid by the Indonesian buyer
to the Swiss supplier in effective free Swiss
Francs immediately after having received
confirmation that the supply contract has been
approved by the competent Indonesian and Swiss
authorities mentioned in Article II of the
present Agreement.
- Ten percent of the total value of each shipment
shall be paid by the Indonesian buyer to the
Swiss supplier in effective free Swiss Francs
against presentation of shipping documents,
under an irrevocable Letter of Credit opened by
the Bank Indonesia in favour of the Swiss supplier
with any of the four SWISS BANKS designated by
the Swiss exporter. This Letter of Credit shall
be opened immediately after receipt of confirmation that the supply contract has been
approved by the competent Indonesian and Swiss
authorities mentioned in Article II of the
present Agreement.
- Eighty-five percent of the total value of each
shipment shall be paid to the Swiss supplier
against presentation of shipping documents under
the above mentioned Letter of Credit, opened for
the ten percent portion of the total value of each
shipment, in accordance with the provisions of
the present Agreement.
- 6 -
- The contracts between the Indonesian buyer and
the Swiss supplier as well as the Letter of
Credit shall include a clause stating that
the financing of the goods shall be made under
the Agreement on transfer credits concluded
between the Government of Indonesia and the
Swiss Government
ARTICLE VII
All amounts utilized by the Government of Indonesia
under the present Agreement will be debited to advance
accounts opened in the name of the Government of Indonesia
or Bank Indonesia as its agent in the books of Union
Bank of Switzerland, Zurich, acting as agent on behalf
of the SWISS BANKS. All drawings with an identical
repayment period and an identical interest rate, made
during any 6 month-period, beginning on March 31 and on
September 30 of each year, shall be debited to a single
advance account, kept in the books of Union Bank of
Switzerland, Zurich.
ARTICLE VIII
The total amount drawn by the Government of Indonesia
under the present Agreement during any 6 month-period as
quoted under Article VII shall be repaid to the SWISS
BANKS in effective free Swiss Francs within a pe r i od of
twelve years in 24 equal and consecutive halfyearly
instalments, the first one falling due and payable six
months after readiness for operation of the respective
projects.
- 7 -
The supply contract and the letter of application to be
submitted to the Swiss Federal Division of Commerce after
approval by the Department of Finance of Indonesia shall
specify a reasonable deadline for the latest possible
due date of the first instalment to become due and
payable, to be computed as from the date of coming into
force of the supply contract. This deadline is subject
to approval by the Federal Division of Commerce, the
Export Risk Guarantee of the Swiss Federal Government
and the SWISS BANKS.
In accordance with the provisions made in Article 12
of the Agreement on transfer credits between the
Government of Indonesia and the Swiss Government either
of the contracting Governments may at any time give
notice to the other of its intention to terminate the
Agreement and the Agreement shall terminate three months
after the date of such notice. However, it will continue
to have effect for all contracts concluded while it was
in force until such contracts are fully carried out and
the outstanding principal is fully repaid together with
the accrued interest.
ARTICLE IX
The following interest will be charged on the outstanding
debit balance of the advance accounts.
Alternative I (readjustment after 5 years)
On
to
or
at
the outstanding debit balance of the advance accounts
be opened in the name of the Government of Indonesia
Bank Indonesia as its agent interest will be charged
1 5/8 % net (one and five-eighth percent) above the
- 8 -
average issuing rate of the SWISS BANKS'5-year cash bonds,
prevailing at the time of each such availment. The interest
rate shall be firm for the first five years, then it shall
be readjusted at 1 5/8 % net (one and five-eighth percent)
above the average issuing rate of the SWISS BANKS'5 year
cash bonds in force at that time and shall be firm for
another 5 years. After the second period of five years the
interest rate shall be readjusted again at 1 5/8 % net
(one and five-eighth percent) above the average rate of
the SWISS BANKS' cash bonds as follows:
remaining duration of
the advance:
up to 3 years
above 3 - 4 years
above 4 - 5 years
maturity of
cash bonds:
3 years
4 years
5 years
This rate shall be firm thereafter for the remaining
duration of the advance.
Alternative II
On the outstanding debit balance of the advance accounts to
be opened in the name of the Government of Inonesia or Bank
Indonesia as its agent interest will be charged at 1 3/4 %
net (one and three-quarter percent) above the average issuing
rate of the SWISS BANKS'8-year cash bonds, prevailing at the
time of each such availment. The interest rate shall be firm
for ten years, then it shall be readjusted at 1 3/4 % net
(one and three-quarter percent) above the average issuing
rate of the SWISS BANKS' cash bonds as follows:
remaining duration of
the advance:
up to 3 years
above 3 - 4 years
above 4 - 5 years
maturity of
cash bonds:
3 years
4 years
5 years
/
- 9 -
This rate shall be firm thereafter for the remaining
duration of the advance.
The Government of Indonesia has to decide at the time
of acceptance of each delivery-offer by the importer for
which of the two above Alternatives he wishes to opt.
ARTICLE X
The interest accrued on the advance accounts shall be
paid at the office of Union Bank of Switzerland, Zuri ch,
by the Government of Indonesia or Bank Indonesia as its
agent in effective free Swiss Francs on May 31 and
November 30, the first time on May 31 or November 30,
as the case may be, following the date on which the
credit facilities have been utilized for the first
time.
The principal instalments shall be paid when due and
payable by the Government of Indonesia or Bank Indonesia
as its agent at the office of Union Bank of Switzerland,
Zurich, in effective free Swiss Francs.
Union Bank of Switzerland will advise the Government of
Indonesia at least one month ahead of the principal instalments becoming due as well as of the due date of the
amount of interest payable together with a statement
showing the calculations of interest payment claimed for
any given period.
ARTICLE XI
With regard to all supply contracts to be financed under
the present agreement and approved by the competent
authorities of the two countries, the Government of
- 10 -
Indonesia undertakes to make the contractual payments
for interest and for reimbursement of principal
resulting from the granting of advances under this
Agreement at maturities in effective free Swiss Francs
free and clear of any present and/or future Indonesian
fiscal levy or tax in connection with the transfer of
the instalments of principal and the accrued interest
thereon. Notwithstanding
the foregoing the agreements
of the Government of Indonesia contained in this
article shall not be applicable to any income or
franchise tax levied or imposed on any of the SWISS
BANKS because it makes its portion of any advance available
from, carries the outstanding balance of its advance on
the books of, or receives any amount payable hereunder
at an office located in the Republic of Indonesia.
ARTICLE XII
If at any time the Government of Indonesia fails to
repay the principal of any instalment or fails to pay
the interest accrued under the present transfer credit
within 30 days of such payments becoming due and payable,
the.n the SWISS BANKS, at their option, have the right
- to declare all amounts then outstanding
under this transfer credit together with interest
due thereon up to the date of the actual payment
to be due and payable immediately.
to resign immediately from the present Agreement.
Such right may be exercised by the SWISS BANKS by simple
notification of Union Bank of Switzerland to the Government
of Indonesia by registered letter.
I
- 11 -
ARTICLE XIII
Swiss Law and Swiss Jurisdiction shall be applicable in
the construction and interpretation of the present
Agreement. Any dispute arising out of or in connection
with this Agreement may be decided in accordance with
Swiss Law by the Ordinary Courts of the Canton of Zurich,
subject to appeal to the Federal Tribunal at Lausanne,
and the Government of Indonesia hereby agrees to submit
to the jurisdiction of the said Courts and Tribunal,
without prejudice to the right of the SWISS BANKS to
sue in the Courts or apply for execution at any other
place where jurisdiction may exist or be established.
The Government of Indonesia hereby irrevocably waives on
behalf of itself as well as its commercial assets all
right of immunity from the jurisdiction of any Court
or from execution of judgment which the Government of
Indonesia or such assets now have or may have in the
future in respect of any matters arising out of this
Agreement and agrees that it will not claim any such
right of any matters arising out of this Agreement and
agrees that it will not claim any such right of immunity
against Union Bank of Switzerland or any of the SWISS
BANKS in respect of matters arising out of this Agreement.
For the purpose of execution in Switzerland, the Government
of Indonesia elects legal and special domicile at the
Embassy of Indonesia, 3006 Berne, which shall forthwith
notify the Government of Indonesia of any communication
received under the aforementioned paragraph.
- 12 -
THUS DONE AND SIGNED in 5 originals
At
Berne
this
22nd
day
of January
1979
For and on behalf of the
GOVERNMENT OF THE
REPUBLIC OF INDONESIA
by H.E. Ambassador W. Sukawati
who confirms that he is lawfully empowered to sign
the present Agreement for and on behalf of the
Government of Indonesia
Signed
UNION BANK OF SWITZERT,AND
.-.
'
.1
Signed
CREDIT SUISSE
Signed
SWISS BANK
,ｃｏｒｐａｔｉｾ
Signed
SWISS VOLKSBANT.\
Ｍ
A b k o m m e n
zwischen
der Regierung der Republik Indonesien
und
der Regierung der Schweizerischen Eidgenossenschaft
lib er
die Gewahrung von Transferkrediten
Im Bestreben, Indonesien den Bezug schweizerischer Investitionsgilter und Dienstleistungen filr die wirtschaftliche Entwicklung
Indonesiens zu erleichtern, haben die Regierung der Republik
Indonesien und die Regierung der Schweizerischen Eidgenossenschaft
vereinbart, zur Bezahlung von Lieferungen und Dienstleistungen
im Zusammenhang mit Projekten, wie sie in der Prioritatsliste der
indonesischen Wirtschaftsentwicklung erwahnt werden, Transferkredi te (nachstehend "die Transferkredite" genannt) zu eroffnen.
Zu diesem Zweck haben die beiden Regierungen folgendes vereinbart:
1. a) Der Gesamtwert der schweizerischen Lieferungen van Investitionsgiltern und Dienstleistungen unter derartigen Transferkrediten betragt dreihundert Millionen Schweizerfranken.
Die Regierung der Republik Indonesien ist nicht verpflicht et, die angebotenen Transferkredite voll auszuniltzen.
b) Flir die Regierung der Republik Indonesien entstehen aus
diesem Abkommen keinerlei finanzielle Verpflichtungen,
mit Ausnahme der Verantwortung, jeden Transferkredit
gemass Artikel 8 dieses Abkommens zurilckzuzahlen.
- 2 -
c) Die durch die Gruppe der Schweizer Banken der Regierung
der Republik Indonesien gewahrten Transferkredite unterliegen der Zinszahlungspflicht. Es werden keinerlei Verpflichtungsgebilhren oder andere Spesen geltend gemacht.
2. Transferkredite im Sinne dieses Abkommens sind Kredite, die
van der Gruppe der Schweizer Banken der Regierung der
Republik Indonesien gewahrt und van der Regierung der
Schweizerischen Eidgenossenschaft durch ihre Exportrisikogarant ie versichert werden.
3. Zwischen der Gruppe der Schweizer Banken einerseits und der
Regierung der Republik Indonesien anderseits wird eine besondere Kreditvereinbarung Uber die Verfahrensregeln abgeschlos sen, die bei der Beschaffung der erwahnten Gilter und
Dienstleistungen unter Beanspruchung van Transferkrediten
angewendet werden.
4. a) Der Kauf van Glitern und Dienstleistungen, die fur die
Projekte bestimmt und durch die Transferkredite zu finanzieren sind, soll aufgrund des internationalen Ausschreibungsverfahrens getatigt werden, wie es die Regierung der Republik Indonesien gemass ihren Richtlinien
in Indonesien vorschreibt.
b) Samtliche Liefervertrage, die durch dieses Kreditabkommen
finanziert werden sollen, bedlirfen der Genehmigung durch
die Handelsabteilung des Eidgenossischen Volkswirtschaftsdepartementes schweizerischerseits sowie durch die Regierung der Republik Indonesien, bzw. ihr Finanzdepartement,
indonesischerseits.
5. Die Regierung der Schweizerischen Eidgenossenschaft wird
im Rahmen ihrer gesetzlichen Moglichkeiten den Abschluss van
Liefervertragen erleichtern.
- 3 -
6. Die beiden Regierungen sind sich darilber einig, dass fur
samtliche diesem Abkommen unterstellten Geschafte die
nachstehenden einheitlichen Bedingungen gelten:
a) Der indonesische Kaufer zahlt dem schweizerischen Lieferanten, sofern nichts anderes vereinbart wurde, in
effektiven freien Schweizerfranken,
(i)
filnf Prozent des Gesamtwertes des Liefervertrages
sofort nach Erhalt der Bestatigung, dass der Liefervertrag von den in Artikel 4 b) dieses Abkommens
erwahnten schweizerischen und indonesischen BehBrden
genehmigt warden und die unter Artikel 3 erwahnte
Vereinbarung wirksam geworden ist.
(ii) zehn Prozent des Gesamtwertes des Liefervertrages
am Versandtag oder, im Falle von Teillieferungen,
zehn Prozent des Wertes jeder Teillieferung am
Versandtag der entsprechenden Teillieferung gegen
Vorweisung der Rechnungen und der Versanddokumente.
b) Die Gruppe der Schweizer Banken bezahlt dem Schweizer
Lieferanten filnfundachtzig Prozent des Gesamtwertes des
Liefervertrages gegen Vorweisung der Rechnung sowie der
Versanddokumente, unter direkter Belastung des Vorschusskontos der Regierung der Republik Indonesien. Bei vollstandiger Ausniltzung betragt der Kredit zweihundertfilnfundfilnzig Millionen Schweizerfranken.
7. Die Regierung der Republik Indonesien oder die von ihr
bezeichnete Stelle verpflichtet sich, fur alle unter dieses
Abkommen fallenden Lieferungen, die Gegenstand von Transferkredi ten bilden, die vertraglichen Zinszahlungen und Kreditrlickzahlungen bei Verfall in effektiven freien Schweizerfranken der Gruppe von Schweizer Banken zu leisten.
- 4 -
8. Die Regierung der Republik Indonesien wird jeden Transferkredit innerhalb von zwolf Jahren zurlickzahlen, und zwar in
gleichen aufeinanderfolgenden halbjahrlichen Raten, von
denen die erste sechs Monate nach Betriebsbereitschaft des
entsprechenden Projekts fallig und zahlbar wird.
9. Jede Behorde kann der anderen durch Vermittlung der
Schweizerischen Botschaft in Jakarta vorschlagen, einen
bestimmten Liefervertrag dem Abkommen zu unterstellen.
10. Alle Gesuche flir die Unterstellung von Liefervertragen
unter das Abkommen sind innert sechsunddreissig Monaten
seit Inkrafttreten dieses Abkommens einzureichen.
11. Dieses Abkommen tritt am Tage der Unterzeichnung in Kraft.
12. Jede Regierung kann der anderen jederzeit von ihrer Absicht
Kenntnis geben, das Abkommen zu beendigen. Das Abkommen
tritt drei Monate nach dem Datum einer solchen Mitteilung
ausser Kraft. Es gilt jedoch weiter fur alle wahrend seiner
Geltungsdauer abgeschlossenen Vertrage, bis diese voll abgewickelt sind.
Ausgefertigt in zwei Exemplaren, in Bern, am 22. Januar 1979,
in deutscher und englischer Sprache. Beide Texte besitzen gleiche
Rechtskraft, jedoch geht im Falle von Meinungsverschiedenheiten
der englische Text vor.
Flir die Regierung der
Filr die Regierung der
Republik Indonesien:
Schweizerischen Eidgenossenschaft:
Signed
Signed