Indonesia Launches US$900 Bln Sovereign Wealth Fund With US$20 Bln Initial Capital

By Mohd Iswandi Kasan Anuar

JAKARTA, Feb 24 (Bernama) -- Indonesian President Prabowo Subianto has officially launched sovereign wealth fund, Daya Anagata Nusantara (Danantara), aimed at managing state-owned assets worth US$900 billion, starting with an initial capital of US$20 billion.

He said the capital will be focused on over 20 projects such as nickel, bauxite and copper downstream processing, the development of artificial intelligence data centres, oil refineries, petrochemical plants, food and protein production, aquaculture, and renewable energy.

bootstrap slideshow

“Danantara will be a catalyst for progress, linking investments with key projects, accelerating economic development, and fostering national prosperity through transparent and accountable governance,” he said at the launch, which is being broadcast live from the Merdeka Palace on Monday.

Danantara will manage seven major state-owned enterprises: Perusahaan Listrik Negara, Pertamina, and PT Mineral Industri Indonesia in energy and industry; Telkom Indonesia in telecommunications; and Bank Mandiri, Bank Negara Indonesia and Bank Rakyat Indonesia in banking and finance.

Operating under direct presidential coordination, Danantara is tasked with elevating Indonesian companies to the Fortune 500, with a long-term goal of contributing to Golden Indonesia 2045, the country’s vision for economic prominence.

Earlier, Prabowo said his government had proven its commitment to managing the nation’s wealth with rigorous financial discipline and responsible governance during its first 100 days in office.

“We have successfully secured over 300 trillion rupiah, nearly US$20 billion, in national savings – funds that were once held back by inefficiency, corruption and misdirected spending.” 

-- BERNAMA