The Indonesia Investment Authority (INA), the country’s new sovereign wealth fund, has received USD16 billion in investment from foreign investors based in the United States (US), the United Arab Emirates (UAE), and Japan. INA will receive funding worth USD2 billion from the US International Development Finance Corporation (DFC). The Government of UAE has pledged USD10 billion in funding, while the Japan Bank for International Cooperation (JBIC) had stated that it will invest USD4 billion. Indonesia- based companies including BPJS Ketenagakerjaan and PT Taspen will also contribute towards the fund.
In May 2021, the INA has signed agreements with the Canada-based Caisse de dépôt et placement du Québec (CDPQ), Abu Dhabi Investment Authority (ADIA) and Netherlands-based APG Asset Management (APG) for the development of a network of toll road in Indonesia. INA will use reserves from the foreign investment received to fund USD750 million of the projects with the other investors contributing USD1 billion each. In March 2021, INA began exploring investment opportunities in a number of infrastructure projects, and the funds acquired from the foreign investment will also be used to finance these projects.