Indonesia launches 'one of world's largest' sovereign wealth funds

Danantara fund to manage assets worth around $900B, president says

By Gokhan Ergocun

ISTANBUL (AA) - Indonesia on Monday launched a wealth fund, Daya Anagata Nusantara, or Danantara, to manage state-owned assets worth over $900 billion.

"The people of Indonesia should be proud because, with total assets of more than 900 billion US dollars, Danantara Indonesia will be one of the biggest sovereign wealth funds in the world," he said at the launch of the wealth fund at the presidential palace in Jakarta.

According to state news agency Antara, funds will be allocated to be managed by the Danantara Investment Management Agency and invested in 20 or more national projects as part of the industrialization and downstreaming efforts.

The president said Danantara is a milestone in Indonesia's journey towards prosperity, resilience, and economic independence.

Norway's Wealth Fund is currently the largest wealth fund in the world, with a total value of around 20 trillion Norwegian krone ($1.8 trillion).

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