Danantara, the new sovereign wealth fund in Indonesia, is a project of surpassing ambition. Taking possession of US$900 billion (S$1.2 trillion) in public assets, it will divert about 0.6 per cent of gross domestic product a year from the state budget to invest in business schemes such as mines, battery factories and data centres – priorities for President Prabowo Subianto – with almost total freedom over where and how it deploys the capital.
Within a few years, it should become a player in global capital markets. Remember the name: Danantara. You are likely to hear it often.
Join ST’s Telegram channel and get the latest breaking news delivered to you.
