Indonesia on Monday launched a new sovereign wealth fund that will aim to manage state assets worth more than $900 billion as President Prabowo Subianto looks to turbo-charge growth in Southeast Asia's biggest economy.

Indonesia has launched a new sovereign wealth fund to manage more than US$900 billion of state assets, two weeks after its parliament approved legislative amendment paving the way for the creation.

Jakarta:Indonesian President Prabowo Subianto officially launched the Investment Management Agency Daya Anagata Nusantara (Danantara) on Monday, a

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

Prabowo on Monday inaugurated the new fund, known as Daya Anagata Nusantara or Danantara, which is modeled partly on Singapore's investment arm Temasek.

Indonesia on Monday launched a new sovereign wealth fund that will aim to manage state assets worth more than $900 billion as President Prabowo Subianto looks to turbo-charge growth in Southeast Asia's biggest economy.

Danantara Indonesia will invest $20 billion in a wide range of projects from metal processing to artificial intelligence, President Prabowo Subianto said on Monday, as he launched the country's new sovereign wealth fund.