PT SMI

What PT SMI does

PT Sarana Multi Infrastruktur (Persero), operating as PT SMI, is a state-owned Development Finance Institution (DFI) established in 2009 under Indonesia's Ministry of Finance. It provides flexible financing for infrastructure, clean energy, and social projects across Indonesia that are beyond the reach of conventional financial institutions and that complement the state budget. Its core product set spans three areas: infrastructure financing (including toll roads, renewable energy, and digital networks), clean energy financing (the institution ceased coal financing in 2018), and social project financing. PT SMI also raises long-term capital through bond and sukuk issuances, having placed over Rp45 trillion in debt instruments since 2014.

The institution's customers are exclusively Indonesian government entities — central ministries, regional administrations, and state-owned enterprises. Distribution is handled through direct institutional engagement rather than competitive channels; pricing is determined project-by-project. Notable counterparties include the Badung Regency Government, which received Rp2.83 trillion for an 11.8-kilometer road construction project in Bali. International expansion of the deal pipeline is being pursued through partnerships with Export Development Canada (EDC) and Indonesia Infrastructure Finance (IIF), targeting Indonesia's planned $160 billion infrastructure spend over 2025-2029.

PT SMI generates revenue from interest income, capital gains, and fees on its financing arrangements, supported by a portfolio of cumulative disbursements totaling Rp274.96 trillion over 17 years and supporting Rp1,183 trillion in project value. The institution contributes an estimated 0.5% to Indonesian GDP and reports creating 10.9 million jobs through financed projects. Its headcount of 251-500 employees is modest relative to the scale of capital deployed, reflecting an asset-light DFI operating model rather than a balance-sheet-heavy commercial bank.

Name

PT SMI

Legal name

PT Sarana Multi Infrastruktur (Persero)

Website

https://ptsmi.co.id

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

251–500 employees

Short description

PT SMI is an Indonesian state-owned Development Finance Institution under the Ministry of Finance that provides financing for infrastructure, clean energy, and social projects to government ministries, regional administrations, and state-owned enterprises.

Ownership category

akta.pro rank

Product category

Development Finance

NAICS

Public Finance Activities (92113), Public Finance Activities (921130), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Federal & Federally-Sponsored Credit Agencies (6111), State Commercial Banks (6022), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

National/Regional Development Finance Institutions (DFIs) (FSABAKAB)

akta.pro secondary industries

Infrastructure & Project Finance Development Banks (FSABAKAD), National Development Banks & State Development Finance Institutions (DFIs) (BPADACAC), Private Sector & Blended Finance Arms (IFC-type) (BPADACAJ)

Keywords

• Development finance
• Infrastructure financing
• Clean energy financing
• Public sector lending
• Project financing services

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Others

Revenue model

1. Development Finance and Lending: PT SMI operates as a Development Finance Institution (DFI) providing flexible financing for infrastructure, clean energy, and social projects across Indonesia. The institution supports projects beyond the reach of conventional financial institutions through bond and sukuk issuances, having issued over Rp 45 trillion in debt instruments since 2014. Revenue is generated through interest income, capital gains, and fees associated with financing arrangements.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

PT SMI operates as a Development Finance Institution (DFI) under Indonesia's Ministry of Finance, providing flexible financing for infrastructure, clean energy, and social projects. The institution complements the state budget by funding projects beyond the reach of conventional financial institutions, raising capital through bond and sukuk issuances totaling over Rp45 trillion since 2014 and maintaining cumulative financing commitments of Rp265.75 trillion as of November 2025.

Product overview

PT Sarana Multi Infrastruktur (PT SMI) operates as a Development Finance Institution (DFI) under Indonesia's Ministry of Finance, offering a unified financing platform rather than a traditional product suite. The institution provides flexible financing across three core areas: infrastructure financing (including toll roads, renewable energy, and digital networks), clean energy financing (having ceased coal financing in 2018), and social project financing. PT SMI complements the state budget by providing financing beyond the reach of conventional financial institutions. Additional offerings include project-specific road construction financing and capital market products through bond and sukuk issuances totaling over Rp45 trillion since 2014. As of November 2025, cumulative financing commitments stood at Rp265.75 trillion across 96 projects.

Differentiator

Problem solved

Functional benefit

Products and services

• Infrastructure Financing
• Clean Energy Financing
• Social Project Financing
• Bond and Sukuk Issuances

Quantifiable outcome

• Disbursed Rp274.96 trillion in financing supporting projects worth Rp1,183 trillion over 17 years
• +3 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators9 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Indonesia Infrastructure Finance (IIF): IIF is a direct Indonesian infrastructure financier and PT SMI's strategic coordination partner. Both target Indonesian infrastructure projects with overlapping mandates, making IIF the closest comparable for project pipeline, deal structures, and risk profile.
• Lembaga Pembiayaan Ekspor Indonesia (Indonesia Eximbank): Indonesia Eximbank is another state-owned special finance institution under the Ministry of Finance. It is structurally comparable to PT SMI as a government-backed financial vehicle executing policy mandates, including sustainable finance and blended finance programmes.
• PT Penjaminan Infrastruktur Indonesia (PII): PII provides infrastructure project guarantees and is part of Indonesia's broader development finance ecosystem. It is a direct complement/substitute to PT SMI in financing infrastructure risk, with similar government ownership and policy-aligned mandate.

Broad incumbents

• Bank Indonesia (BI) Liquidity Facilities & Policy Levers: While not a DFI, the central bank shapes the macro funding environment and operates sustainability-linked instruments that PT SMI accesses. It is a key contextual incumbent for Indonesian development finance flows.
• Korea Development Bank (KDB): KDB is a national policy bank with comparable DFI functions — project finance, infrastructure lending, sukuk/bond issuance — under a sovereign mandate. It offers scale and product-mix benchmarks for state-owned development finance peers.
• Brazilian Development Bank (BNDES): BNDES is one of the world's largest national development banks, financing infrastructure and clean energy under government mandate. Comparable to PT SMI in scale of disbursements, capital market activity, and policy-aligned lending.
• Development Bank of Southern Africa (DBSA): DBSA is a state-owned development finance institution focused on infrastructure in Southern Africa. Comparable in mandate and structure to PT SMI as a regional DFI balancing commercial discipline with policy objectives.
• KfW (Kreditanstalt für Wiederaufbau): Germany's state development bank is a major international DFI active in climate and infrastructure finance. Directly comparable as a model for PT SMI's blended finance activities, including with partners like EDC.
• Asian Development Bank (ADB): ADB is a multilateral DFI lending heavily into Indonesian infrastructure. Comparable as a counterparty, capital provider, and benchmark for climate finance deal structures.
• Japan Bank for International Cooperation (JBIC): JBIC is Japan's policy-based development bank active in Southeast Asian infrastructure. Relevant comparable for cross-border project finance models and the EDC-style blended finance partnerships PT SMI is pursuing.

Market position

Strengths1 record

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ptsmiID

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PT SMI