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Economy

Indonesia moves closer to establishing $5bn sovereign wealth fund

Jokowi names advisers for fund that will initially focus on infrastructure

Indonesian President Joko Widodo told the advisory group for the country's planned sovereign wealth fund to select members of its board of directors by the end of next week.    © Reuters

JAKARTA -- Indonesia moved closer to establishing a new $5.3 billion sovereign wealth fund on Wednesday, with President Joko Widodo appointing five members for its advisory board.

Finance Minister Sri Mulyani Indrawati was named head of the board that will oversee the Indonesia Investment Authority, or INA. The other members are State Enterprise Minister Erick Thohir and three professionals with experience from cross-border investments to corporate deals. The five were sworn in during a ceremony at the presidential palace.

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