The supervisory board is led by Finance Minister Sri Mulyani Indrawati, with members State-Owned Enterprises (SOEs) Minister Erick Thohir as well as three professionals overseeing the fund’s operations.

The three professionals are PricewaterhouseCoopers (PwC) Indonesia former country senior partner Haryanto Sahari, Indonesia Stock Exchange (IDX) former president director Darwin Cyril Noerhadi and law firm Makes & Partners founder and managing partner Yozua Makes.

“I believe in the good track records, experience and reputation of these professionals,” President Joko “Jokowi” Widodo said during the livestreamed ceremony.

“We hope that our sovereign wealth fund named the Indonesia Investment Authority (INA) will gain the trust of both domestic and international [investors] so we can expect large numbers of alternative financing for the development of our nation.”

The government expects to secure US$100 billion in investment into the sovereign wealth fund in the next two years and plans to use the fund to finance big projects such as infrastructure, tourism and technology, as well as the planned relocation of the country’s capital to boost the economy.

Several parties, such as Japan’s SoftBank and the United Arab Emirates, have expressed their interest to invest in the fund. On Nov. 19, 2020, the United States International Development Finance Corporation (IDFC) signed a letter of interest to invest $2 billion in the fund.

Sri Mulyani told a meeting with lawmakers on Monday that the government would channel Rp 75 trillion (US$5.33 billion) in state capital injection this year when the fund was officially established and its board of directors installed. The state capital injection will be in the form of cash, state assets and receivables as well as a portion of state-owned enterprises’ (SOEs) shares owned by the government.

 

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Jokowi also urged the government to finish the selection process of the board of directors' five members by next week so that the agency could begin work shortly after.

Sri Mulyani projected on Monday that the process would be completed in mid-February.

After the supervisory board members are sworn in, they will select and appoint the board of directors, INA operations team and finance minister special adviser Masyita Crystallin.

“In addition, the supervisory board will compose the fund’s management guidelines as a basis for its operations in the future,” she said in a statement on Wednesday. “We hope the fund’s organization structure can be completed soon so that it can start operations in the first quarter of 2021.” (eyc)