Danantara Indonesia will invest $20 billion in over 20 projects spanning metal processing, artificial intelligence (AI), oil refineries, renewables, and food production, President Prabowo Subianto announced on Monday as he launched the country's new sovereign wealth fund. The Daya Anagata Nusantara Indonesia fund, or Danantara, aims to manage more than $900 billion in assets to accelerate economic growth, targeting an increase from 5 per cent to 8 per cent. It will be Indonesia's second sovereign wealth fund, operating separately from the Indonesia Investment Authority (INA). Danantara will oversee government stakes in state-owned enterprises, mirroring Singapore's Temasek model, but has faced criticism from student protesters over governance concerns. Prabowo pledged full transparency, stating the fund could be audited at any time. The fund will establish a holding company for state firms and an investment arm, led by Investment Minister Rosan Roeslani and Pandu Sjahrir, respectively. Key state firms under Danantara's management include Bank Mandiri, Bank Rakyat Indonesia, Bank Negara Indonesia, Pertamina, Perusahaan Listrik Negara, and Telkom Indonesia. Attribution: Reuters Subediting: M. S. Salama
