Danantara Indonesia will invest $20 billion in a wide range of projects from metal processing to artificial intelligence, President Prabowo Subianto said on Monday, as he launched the country's new sovereign wealth fund.

Washington may not have a sovereign wealth fund, but almost half the U.S. states do. Indeed, the earliest precursor of a national sovereign wealth fund was established in the United States: in 1803, Ohio created a land trust to finance public education in the state.

Besides Danantara, these are the top largest sovereign wealth funds in the world based on the data published by Sovereign Wealth Funds Institute.

Indonesia on Monday launched a new sovereign wealth fund that will aim to manage state assets worth more than $900 billion as President Prabowo Subianto looks to turbo-charge growth in Southeast Asia's biggest economy.

A sovereign wealth fund often serves as a vehicle to invest a government’s budget surplus. The U.S. doesn’t have that luxury.

The Treasury and Commerce Departments are drafting a plan detailing how a federal sovereign wealth fund might be structured, funded, and managed.

JAKARTA – Indonesia launched its new sovereign wealth fund Danantara on Feb 24, the latest initiative by President Prabowo Subianto to deliver on his ambitious economic growth target of 8 per cent within his first term.

He wants to tap into the fund's assets -- planned to be more than $900 billion -- to boost Indonesia to developed economy status, despite expert concern about its governance.

Danantara Indonesia will invest $20 billion in a wide range of projects from metal processing to artificial intelligence.

Indonesia’s Prabowo officially establishes Danantara, which is modelled on Singapore’s investment arm Temasek.