Indonesia comes back for more

Just weeks after a $4bn commitment from Japan’s JBIC development bank brought the total investment raised by  Indonesia’s new sovereign wealth fund (IIA) to $15bn, the government in Jakarta is preparing to embark on a second round of fundraising.

Remarks made to the FT by Indonesia’s Minister of Maritime Affairs and Investment Luhut Pandjaitan indicate that Joko Widodo’s government believes that the IIA’s success so far is a vote of confidence from the global investment community in the sweeping reforms that it introduced in November. Greeted with protests and riots across the Indonesian archipelago at the time, the reforms were specifically designed to attract foreign investors to the world’s fourth most populous nation as it seeks to counter the economic impact of the coronavirus pandemic.

The next round  of IAA funding could begin as early as  mid-January.

Source: FT