Danantara Indonesia will invest $20 billion in a wide range of projects from metal processing to artificial intelligence, President Prabowo Subianto said.

JAKARTA] Indonesia launched the Danantara investment fund on Monday (Feb 24), a high-stakes, multi-billion-dollar initiative designed to consolidate the country’s state-owned enterprises (SOEs), while serving as a powerful catalyst to attract investment and fuel the nation’s ambitious growth trajectory.

The fund will invest US$20 billion (S$27 billion) in 20 projects to drive development in the nation. Read more at straitstimes.com.

President Prabowo Subianto announced that Indonesia's newly launched sovereign wealth fund, Daya Anagata Nusantara (Danantara), will be one of the largest

He wants to tap into the fund's assets -- planned to be more than $900 billion -- to boost Indonesia to developed economy status, despite expert concern about its governance.

A sweeping overhaul of how Indonesia runs its powerful state companies will create a multibillion-dollar investment vehicle that could give President Prabowo Subianto a major cache of funds to deploy in his effort to supercharge growth.

President Prabowo Subianto on Monday signed a regulation that officially established a new sovereign wealth fund, "Danantara Indonesia", which will hold government stakes in state firms and is intended to operate like Singapore's investment arm Temasek.