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Indonesia is launching $ 10 billion in investments for its first sovereign wealth fund

Indonesian leader Joko Widodo has said he will focus on maintaining a multi-billion dollar infrastructure project. (Reuters photo)

JAKARTA: Indonesia has attracted nearly $ 10 billion in investment for its first sovereign wealth fund expected to be launched later this year, a minister said on Tuesday.

The liabilities include an informal letter of interest of up to $ 2 billion from Caisse de Depot et Placement du Quebec, a Canadian pension fund, and up to $ 1.5 billion from the Dutch APG Pension Fund, Indonesian Minister of Economic Affairs Airlangga Hartarto said at a presentation.

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

Officials are now reportedly considering the candidates to head the fund.

Indonesian leader Joko Widodo said he will focus his second term on attracting more foreign investment to Southeast Asia’s largest economy and maintaining a multi-billion dollar infrastructure project.

An infrastructure project involves moving the capital from congested Jakarta to a new city on Borneo.

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