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Finance

Indonesia wealth fund agrees to invest $2.7bn in toll roads

Landmark agreements to pump fresh capital into debt-ridden state builders

Indonesia's sovereign wealth fund is investing in two ambitious toll roads on the islands of Java and Sumatra. (Photo courtesy of Indonesia's presidential office)

JAKARTA -- The Indonesia Investment Authority, a sovereign wealth fund, has signed its first concrete investment pacts, agreeing to provide around 39 trillion rupiah ($2.7 billion) for toll roads on the islands of Java and Sumatra.

The deals are with Hutama Karya, the Indonesian state-owned construction company that is building the Trans-Sumatra toll road, and Waskita Toll Road, which is developing the Trans-Java toll road and is a subsidiary of another state builder, Waskita Karya.

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