Danantara Indonesia will invest $20 billion in a wide range of projects from metal processing to artificial intelligence, President Prabowo Subianto said on Monday, as he launched the country's new sovereign wealth fund.

Indonesia’s Prabowo officially establishes Danantara, which is modelled on Singapore’s investment arm Temasek.

JAKARTA] Indonesia launched the Danantara investment fund on Monday (Feb 24), a high-stakes, multi-billion-dollar initiative designed to consolidate the country’s state-owned enterprises (SOEs), while serving as a powerful catalyst to attract investment and fuel the nation’s ambitious growth trajectory.

He wants to tap into the fund's assets -- planned to be more than $900 billion -- to boost Indonesia to developed economy status, despite expert concern about its governance.

A sweeping overhaul of how Indonesia runs its powerful state companies will create a multibillion-dollar investment vehicle that could give President Prabowo Subianto a major cache of funds to deploy in his effort to supercharge growth.

JAKARTA – Indonesia launched its new sovereign wealth fund Danantara on Feb 24, the latest initiative by President Prabowo Subianto to deliver on his ambitious economic growth target of 8 per cent within his first term.

President Prabowo Subianto announced that Indonesia's newly launched sovereign wealth fund, Daya Anagata Nusantara (Danantara), will be one of the largest

Indonesia launched a sovereign fund, which is expected to boost growth of Southeast Asia's biggest economy, on Feb 24.

Danantara Indonesia will invest $20 billion in a wide range of projects from metal processing to artificial intelligence.