Indonesia Launches Danantara, a Multi-Billion-Dollar Sovereign Wealth Fund

By Nadira Wulandari

Cover Image Attribute: President Prabowo Subianto (center) shakes hands with former president Joko “Jokowi“ Widodo during the launch of a sovereign wealth fund known as Daya Anagata Nusantara, or Danantara, in Jakarta on February 24, 2025. /Source: AFP/Bay Ismoyo
Cover Image Attribute: President Prabowo Subianto (center) shakes hands with former president Joko “Jokowi“ Widodo during the launch of a sovereign wealth fund known as Daya Anagata Nusantara, or Danantara, in Jakarta on February 24, 2025. /Source: AFP/Bay Ismoyo

Indonesia took a bold step toward reshaping its economic future today with the official launch of Daya Anagata Nusantara, popularly known as Danantara, a new sovereign wealth fund designed to manage state assets valued at over $900 billion. Unveiled by President Prabowo Subianto at a ceremony in the Merdeka Palace, this initiative marks a significant milestone in the country’s efforts to turbocharge its economy, targeting an ambitious annual growth rate of 8% by 2029, up from its current 5%. With an initial investment budget of $20 billion, Danantara aims to channel funds into high-impact national projects spanning critical minerals, renewable energy, food production, and artificial intelligence (AI), positioning Indonesia as a global economic contender.


A Vision for National Development


Speaking at the launch, President Prabowo emphasized that Danantara is more than just a financial entity. “It is not just an investment body; it is an instrument for national development that will optimize the way we manage our wealth,” he declared, signing a government decree to formalize the fund’s organization and governance. “We are committed to being a developed nation.” The fund consolidates the management of assets from state-owned enterprises (SOEs), previously overseen by the Ministry of State-Owned Enterprises, and builds on the foundation laid by Indonesia’s first sovereign wealth fund, the Indonesia Investment Authority (INA), established in 2021 with $10.5 billion in assets.

Danantara’s launch comes at a pivotal moment for Indonesia, Southeast Asia’s largest economy, which has historically grappled with fiscal constraints despite its rich natural resources and strategic location. Unlike traditional sovereign wealth funds in surplus-driven nations like Singapore or Norway—where funds like Temasek and Norges Bank manage vast reserves from trade or oil revenues—Indonesia’s approach reflects a unique strategy. The country, which reported a current account deficit of $8.9 billion in 2024 (0.6% of GDP), is leveraging existing state assets and budget reallocations rather than surplus cash to fuel this initiative.


Funding the Future: A Controversial Approach


The establishment of Danantara has not come without controversy. To kickstart the fund, the Prabowo administration has implemented sweeping austerity measures, slashing government budgets by approximately $44 billion—equivalent to 10% of Indonesia’s annual spending. These cuts, which have affected ministries ranging from public works to home affairs, are aimed at freeing up capital for Danantara and other flagship programs, including a $4.3 billion free meal plan for schoolchildren. The public works ministry, for instance, saw its allocation drop from $6.8 billion to less than half that amount, while the home ministry’s budget was reduced by over 50% to $128.6 million.

This aggressive reallocation has sparked widespread backlash. Critics, including economists and civil society groups, warn that the cuts could strain public services and exacerbate inequality in a nation long plagued by bureaucratic inefficiencies and corruption. “The state can’t even manage life insurance properly. How can it manage a Danantara-style sovereign wealth fund?” one skeptic remarked on social media, echoing a sentiment shared by many Indonesians wary of the government’s track record. Student-led protests have erupted in cities like Makassar, where police deployed tear gas to disperse crowds opposing the austerity measures and the fund’s opaque funding strategy.

Yet, the government defends its approach, pointing to the need to repay $49 billion in debt maturing this year, including $43 billion in government bonds. “This makes our budget really stretched,” said Yose Rizal Damuri, executive director of the Jakarta-based Centre for Strategic and International Studies. “But the cuts are also likely to free up funds for Prabowo’s ambitious campaign pledges.” The administration argues that Danantara’s potential to generate higher dividends from SOEs and attract foreign investment justifies the short-term pain.

A Portfolio of Promise


Danantara’s initial $20 billion investment will target more than 20 strategic projects across diverse sectors. President Prabowo highlighted key areas of focus: nickel, bauxite, and copper processing to bolster Indonesia’s dominance in critical minerals; renewable energy initiatives to support sustainability goals; food production to enhance self-sufficiency; and cutting-edge projects like an AI center, an oil refinery, and a petrochemical factory. These investments align with Indonesia’s broader industrialization ambitions and its push to move up the global value chain.

The fund inherits a robust asset base valued at $900 billion, dwarfing the $10.5 billion managed by INA. This figure, however, has raised eyebrows, as government data from 2023 pegged SOE assets at $637.5 billion. The discrepancy suggests either a significant revaluation or the inclusion of additional assets, though details remain unclear. Danantara will operate separately from INA, with its leadership pledging to maintain distinct mandates—INA focusing on infrastructure, green energy, and logistics, while Danantara takes a broader, more aggressive investment stance.

A major boost came just days before the launch, when the United Arab Emirates (UAE) committed $10 billion to Danantara, a pledge confirmed by National Economic Council Head Luhut Binsar Pandjaitan. This infusion of foreign capital underscores the fund’s potential to draw global investors, a critical factor given Indonesia’s limited domestic fiscal reserves. Modeled after Singapore’s Temasek, which manages a portfolio worth hundreds of billions, Danantara aims to emulate its success in transforming state assets into engines of growth.

Transparency and Governance Concerns


Despite the optimism, questions linger about Danantara’s governance and transparency. The fund’s creation was fast-tracked through parliament, dominated by Prabowo’s ruling coalition, with legislation passed on February 4 legitimizing its structure under Law No. 19 of 2003 on State-Owned Enterprises. Critics argue that the haste has left little room for public scrutiny, raising fears of corruption and political interference in managing assets that include stakes in major banks like Bank Mandiri, Bank Rakyat Indonesia, and Bank Negara Indonesia.

At the launch, officials sought to address these concerns, promising rigorous financial audits and oversight. However, specifics on the fund’s operational framework, investment criteria, and accountability mechanisms remain sparse. Bhima Yudhistira, executive director of the Center of Economic and Law Studies, suggested an alternative: “Given Indonesia’s current fiscal condition, the government could instead maximize INA by getting investors to inject more capital into it.” Yet, Prabowo’s administration appears committed to Danantara as a cornerstone of its economic vision.

A Global Player in the Making?


If successful, Danantara could position Indonesia among the world’s largest sovereign wealth funds, rivaling giants like Norway’s $1.8 trillion fund or Saudi Arabia’s Public Investment Fund. “Today, all Indonesians can be proud because, with a total asset of more than $900 billion under management, Danantara Indonesia will be one of the world’s largest sovereign wealth funds,” Prabowo proclaimed. The fund’s scale and ambition signal a shift in Southeast Asia, where state-driven investment vehicles are gaining traction amid global economic uncertainty.

For now, Danantara’s success hinges on execution. Can it deliver on its promise to optimize state assets and drive sustainable growth, or will it succumb to the pitfalls of mismanagement and political overreach? As Indonesia embarks on this high-stakes gamble, the world watches closely, eager to see whether this multi-billion-dollar experiment will propel the nation toward its lofty goals—or serve as a cautionary tale of ambition outpacing reality.

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IndraStra Global: Indonesia Launches Danantara, a Multi-Billion-Dollar Sovereign Wealth Fund
Indonesia Launches Danantara, a Multi-Billion-Dollar Sovereign Wealth Fund
By Nadira Wulandari
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjqKzK1R0_rBIC9JRBzxCIhyphenhyphenbDko0y6tYiRpWuQ4E6IfocuPosYmqIhSxUug7m-0I957xcSR749sTe7hruGDmEPclWzxcB6zw9J0ZQTb3AmVSKjgvDwXS-cl91-cpMpGq4wp_zQxCEsJMDSerxUac39vzdP2dX-1f4nYYpz7ZdkKvz4y1YCZjzaF0endoU/w640-h426/2025_02_24_160533_1740384095._large.jpg
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjqKzK1R0_rBIC9JRBzxCIhyphenhyphenbDko0y6tYiRpWuQ4E6IfocuPosYmqIhSxUug7m-0I957xcSR749sTe7hruGDmEPclWzxcB6zw9J0ZQTb3AmVSKjgvDwXS-cl91-cpMpGq4wp_zQxCEsJMDSerxUac39vzdP2dX-1f4nYYpz7ZdkKvz4y1YCZjzaF0endoU/s72-w640-c-h426/2025_02_24_160533_1740384095._large.jpg
IndraStra Global
https://www.indrastra.com/2025/02/indonesia-launches-danantara-multi.html
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https://www.indrastra.com/2025/02/indonesia-launches-danantara-multi.html
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