INA chief risk officer Marita Alisjahbana said that the United States International Development Finance Corporation (DFC) will invest $2bn in the fund. The UAE previously promised to invest $10bn and the Japan Bank for International Cooperation (JBIC) said it would invest $4bn, making the total investment $16bn.
Indonesian companies including BPJS Employment and Taspen have already shown interest in investing in the fund.
In May INA signed agreements for the toll road platform with three foreign investors including the Abu Dhabi Investment Authority (ADIA) of the UAE, APG Asset Management (APG) of the Netherlands, and Caisse de dépôt et placement du Québec (CDPQ) Canada. INA will invest $750 million and the other three will provide $1bn each for the platform.
John Yeap of Pinsent Masons, the law firm behind Out-Law, said: “The INA is showing promising progress with the level of commitment internationally. There are tremendous infrastructure needs in Indonesia, and INA has a pivotal and important role to play. The eventual implementation of these investments, particularly around transparency and accountability, will be a core success factor for the programme.”
In March, INA started to explore investing in several infrastructure projects including 24 toll road concessions worth $2.6 billion.
The INA was launched in February. The Indonesian government funded it with $1.1bn its startup capital from its 2020 budget and put another $5.4bn into it from the 2021 budget.