Indonesia’s embassy in the UAE wrote on Tuesday that the Middle Eastern country’s promised funds outweighed those of Japan, Canada and the United States, among other big-ticket investors in the SWF. The funds will go to the Indonesia Investment Authority (INA), which is the SWF’s legal entity, to finance roads, ports, tourism and agriculture, among others projects deemed lucrative.

“We hope the INA will manage the funds to improve funding access for various development projects without accumulating debt, and implements international best practices and improves the performance and utilization of assets for the benefit of the people,” said Indonesian Ambassador to the UAE Husin Bagis.

The embassy wrote that the commitment had been finalized after President Joko “Jokowi’” Widodo had called Prince bin Zayed on Friday. It described the deal as the “sweet fruit” arising from the call.

The government has created the INA to finance domestic development projects, including the planned new state capital in Kalimantan, by pooling funds from development aid agencies, local state-owned enterprises (SOEs) and foreign investors, among other sources.

The government expects the fund, the legal foundation of which is the landmark 2020 Job Creation Law, to manage $100 billion in investment within two years and at least $20 billion in the next few months.

Read also: A different species of SWF

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