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Prabowo to launch Danantara’s $20b venture on Feb. 24
The President has announced that the country's new investment agency Danantara will be launched on Feb. 24 with an initial capital of around $20 billion.
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An honor guard welcomes President Prabowo Subianto to the Government Palace in Lima on Nov. 14, for a meeting with Peruvian President Dina Boluarte on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit 2024. (Reuters/Agustin Marcarian) (Reuters/Agustin Marcarian)
P
resident Prabowo Subianto has announced the official launch date of Feb. 24 for Danantara Indonesia, the country’s new sovereign wealth fund with more than US$900 billion in assets under management.
Danantara is distinct from the Indonesia Investment Authority (INA) and is to have around $20 billion in initial capital.
“We will invest our natural resources and state assets into sustainable, high-impact projects across sectors such as renewable energy, advanced manufacturing, downstream industries and food production,” Prabowo said in his speech on Thursday at the World Governments Summit in Dubai, the United Arab Emirates.
The President added that these projects would all contribute to achieve his administration’s economic growth target of 8 percent.
“We plan to start with between 15 and 20 projects worth billions of dollars [each], which will provide significant added value to our country,” he said in a separate statement.
Read also: Revised SOEs Law paves way for Danantara after ‘compromises’
Prabowo’s announcement comes after the House of Representatives passed a bill on Feb. 4 to revise Law No. 19/2003 on State-Owned Enterprises (SOEs), paving the way for Danantara’s establishment.
