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Indonesia taps seasoned banker to manage multibillion-dollar sovereign wealth fund
President Joko “Jokowi” Widodo has introduced the board of directors tasked with managing Indonesia’s recently created multibillion-sovereign wealth fund to lure global investors to Southeast Asia’s largest economy.
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Euro banknotes are placed on US dollar banknotes in this illustration picture from May 26, 2020. (Reuters/Dado Ruvic)
P
resident Joko “Jokowi” Widodo has introduced the board of directors tasked with managing Indonesia’s recently created multibillion-sovereign wealth fund, tapping a seasoned banker to lead it, as the country aims to lure global investors to Southeast Asia’s largest economy.
Ridha DM Wirakusumah, until recently the president director of private lender Bank Permata, was chosen as the CEO of the wealth fund, called Indonesia Investment Authority (INA).
Ridha, who has spent more than 30 years in banking and investment, is joined by Arief Budiman, a former finance director of state-owned oil giant Pertamina, private equity firm Creador managing director Stefanus Ade Hadiwidjaja, private lender Citibank NA Indonesia country risk manager Marita Alisjahbana and the former finance director of national flag carrier Garuda Indonesia, Eddy Porwanto Poo.
In his speech on Tuesday, Jokowi reiterated the strategic position of INA to accelerate the country’s development, while stating that INA was a “professional institution” managed by experienced professionals.
“With INA, we will reduce the disparity between the domestic financing capability and the financing requirement for the country’s development,” Jokowi said, adding that the fund would also help optimize the value of state assets in the long run and provide funding sources.
He said that the sovereign wealth fund was long overdue, as Indonesia was later than many other countries managing sovereign wealth funds, including the United Arab Emirates and neighboring Singapore, which had accumulated large funds over the last 30 to 40 years.
“Although INA came later, there is no such thing as too late. I believe INA will be able to catch up and gain trust nationally and internationally,” Jokowi said on Tuesday.
