Indonesia closer to setting up first sovereign wealth fund, talks held with countries including Singapore

The Indonesian government wants to attract more foreign funds for its infrastructure projects via a sovereign wealth fund. - The Straits Times/Asian News Network

JAKARTA, Oct 24 (The Straits Times/ANN): Regulations on the establishment of Indonesia's first sovereign wealth fund (SWF) will be ready in two to three weeks, and discussions on possible joint investment with foreign SWFs in Indonesian projects have been held with the Abu Dhabi Investment Authority, Singapore's GIC, and the US International Development Finance Corporation.

"The idea is for Indonesia to create a special purpose entity that is invested by the would-be formed Indonesia Investment Authority and these potential investors," said Mr Septian Hario Seto, a deputy minister in charge of mining and investment.