Indonesia launches new multi-billion-dollar sovereign wealth fund

Indonesia launched a new sovereign wealth fund to manage state assets worth over $900 billion, aiming to accelerate growth in the country's economy. The fund, named Daya Anagata Nusantara, was initiated by President Prabowo Subianto through a signed document at the presidential palace in Jakarta. 

Modeled after Singapore's Temasek, the fund received parliamentary approval earlier this month. It will channel over US$20 billion in savings, previously trapped in inefficiency and corruption, into 20 national projects with long-term benefits for the country.