By Reuters Staff
2 Min Read
JAKARTA (Reuters) - Indonesia’s soon-to-be launched sovereign wealth fund (SWF) is targeting $20 billion in investment in the next few months, President Joko Widodo said, a larger sum than previously announced after positive responses from several firms.
Southeast Asia’s largest economy hopes to launch the SWF early this year to attract funds to help it get out of its pandemic-induced recession as well as finance an ambitious infrastructure drive and a massive capital relocation project.
Unlike many SWFs set up by wealthy countries to save oil revenues or foreign exchange reserves, the Indonesian fund - like others in emerging markets - is designed to attract foreign firms as co-investors.
The European Commission welcomed a $1.9 trillion stimulus package proposed by President-elect Joe Biden to help the U.S. economy deal with the COVID-19 pandemic, but said its full impact would not become clear until Congress debates it.
Stock and oil prices fell on Friday, pressured by intensifying lockdowns and weak U.S. retail sales data, while the dollar was on track to post its strongest week in over two months.
The world's biggest asset manager, Blackrock Inc, sold almost all its shares in China Telecom this week at a hefty discount, stock market filings showed on Friday.
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