Indonesia to launch new sovereign wealth fund this month
Indonesia will launch a new sovereign wealth fund called Danantara this month, with an initial capital of around $20 billion.
Indonesia President Prabowo Subianto. Photo courtesy of BPMI Setpres.
Indonesia recently revised the law on state-owned enterprises (SOEs), an amendment that could pave the way for Danantara that will manage assets worth billions of USD in state-owned enterprises such as banks, the state power company PLN, PT Pertamina (Persero) oil and gas company, mining giant MIND ID, and Telkom telecommunications company.
President Prabowo Subianto has pushed for the launch of Danantara on February 24, after several delays. Prabowo has high hopes for Danantara to steer Indonesia on the right track towards the 8% growth target he has set since taking office.
According to initial assessments, the assets managed by Danantara will exceed $900 billion. The fund will invest in natural resources and state assets through sustainable, high-impact projects, Prabowo emphasized.
The projects will include those in renewable energy, advanced manufacturing, downstream industries, and food production.
Danantara is Indonesia's second sovereign wealth fund, after the Indonesian Investment Authority (INA) was established under the former President Joko Widodo administration in 2021.
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