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.

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.

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.

JAKARTA] Indonesia has officially launched the Danantara investment fund on Monday (Feb 24), a high-stakes, multibillion-dollar initiative designed to consolidate the country’s state-owned enterprises (SOEs),

JAKARTA – Indonesia launched its new sovereign wealth fund Danantara on Feb 24, the latest initiative by President Prabowo Subianto to deliver on his ambitious economic growth target of 8 per cent within his first term.

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.