Indonesia Lures $10 Bn Investments For New Sovereign Wealth Fund

Jakarta, (UrduPoint / Pakistan Point News - 26th Jan, 2021 ) :Indonesia has lured investments of about $10 billion for its first sovereign wealth fund expected to launch later this year, a minister said Tuesday.

The commitments include an informal letter of interest for up to $2 billion from the Caisse de Depot et Placement du Quebec, a Canadian pension fund, and as much as $1.5 billion from Dutch pension fund APG, Indonesia's economic affairs minister Airlangga Hartarto said in a presentation.

Since the middle of last year, the government has met with more than 50 global investors, Hartarto told an online business forum, with Indonesia targeting some $20 billion in commitments.

Officials are reportedly now considering candidates to head the fund.

Indonesia's leader Joko Widodo has said he will focus his second term on attracting more foreign investment to Southeast Asia's biggest economy and sustaining a multi-billion-dollar infrastructure drive.

One of the infrastructure projects involves moving the capital from overcrowded Jakarta to a new city on Borneo island.