Danantara Indonesia will invest $20 billion in a wide range of projects from metal processing to artificial intelligence, President Prabowo Subianto said.

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.

A sovereign wealth fund often serves as a vehicle to invest a government’s budget surplus. The U.S. doesn’t have that luxury.

With official details scant so far, speculation about the shape of a planned new US sovereign wealth fund (SWF) is broad. But if the idea does become a reality, other asset owners are likely to be affected by such a large newcomer in one way or another.

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.

Danantara Indonesia will invest $20 billion in a wide range of projects from metal processing to artificial intelligence.

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.