Gayatri Sulaiman, Stefanno Sulaiman

JAKARTA (Reuters), – The Indonesian sovereign wealth fund has signed two agreements on Thursday to invest more than 39 trillion rupiah ($2.72B) in roads linking Sumatra to Java, President Joko Widodo stated.

Sri Mulyani indrawati, Indonesia’s Finance Minister, was present at the Jakarta signing ceremony.

INA also signed a contract confirming the transaction started with Waskita Toll Road. This unit is owned by Waskita Karya. She said that she could provide information for the Trans Java tollroad in two places.

The signings are INA’s first concrete steps since forming a toll road fund last year of up to $3.75 billion, with Caisse de dépôt et placement du Québec (CDPQ), APG Asset Management (APG) and a unit of the Abu Dhabi Investment Authority (ADIA) as co-investors.

Jokowi said that the signings would increase trust and INA’s governance will create more confidence in financing infrastructure in Southeast Asia’s biggest economy. This is from domestic as well international investors.

He stated that “I believe this type of financing scheme will continue to be developed.” God willing, Indonesia will see more investors via the INA. They will not only invest in toll roads and big projects which will impact the economy.

Ridha Wirakusumah is the chief executive at INA. She said that other areas of interest include healthcare, geothermal, and sea ports.

Last month, the chief executive said that the wealth fund had assets under management of nearly $6 billion. But it aims, with help from coinvestors and three years, to reach $15 billion to 20 billion.

Unlike other sovereign wealth funds that manage oil excesses or foreign reserves, the INA is open to foreign investors.

($1 = 14,350.0000 rupiah)