The Indonesian government has appointed Ridha D.M. Wirakusumah was the chief executive of Indonesia’s new sovereign wealth fund. Ridha D.M. Wirakusumah is a senior banker and is looking to drive the target of managing $20 billion in funds and ensure that the fund is operated smoothly. The wealth fund will aim to grow the country’s current assets of $15 billion to $100 billion.
The Indonesia Investment Authority (INA) is looking to attract foreign funds as co-investors to invest in local projects from infrastructure to healthcare. Arief Budiman will serve as the deputy director of the sovereign wealth fund, while Stefanus Ade Hadiwidjaja will serve as the chief investment officer.
Mr Ridha D.M. Wirakusumah was the former CEO of PT Bank Permata and prior to that he has held positions at companies such as KKR & Co General Electric and American International. Furthermore, Marita Alisjahbana will serve as the director of risk and Eddy Porwanto will serve as the director of finance.
Indonesian President Joko Widodo, told the media, “The INA is a professional institution, protected by the law and will use professional judgment in its work. We want INA to reduce the gap in domestic funding needs and development financing, and provide development financing especially for national infrastructure. I believe INA is able to gain the trust of national and international public.” The government seeks to capitalise on the new wealth fund to boost the country’s GDP.