Indonesia creates sovereign wealth fund

Indonesian President Prabowo Subianto announced the launch of the country's sovereign wealth fund, which will initially invest US$20 billion in projects ranging from metallurgy to artificial intelligence.

The inauguration ceremony of the fund was held at the Presidential Palace in Jakarta. According to Prensa Latina, a partner of TV BRICS, this fund will take control of the assets of several state-owned companies. This is expected to contribute to economic growth and job creation.

According to the head of state, the fund will manage assets totalling about US$900 billion. This year, it will finance more than 10 projects in various sectors, including renewable energy and food production.

It became the country's second sovereign wealth fund after the Indonesian Investment Agency, established in 2021.

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