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),

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.

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.

JAKARTA -- Indonesian President Prabowo Subianto officially launched the Investment Management Agency Daya Anagata Nusantara (Danantara) on Monday, a super holding agency to consolidate the management of the country's state-owned enterprises and optimizing dividends and investments.

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.

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.