Danantara to Draw Down US$ 3 Billion from US$ 10 Billion Credit Line, Sources Say

DANANTARA - JAKARTA. Indonesian sovereign wealth fund Danantara is likely to draw down US$ 3 billion initially from a US$ 10 billion credit line and use it for investments including a chemical plant and co-financings with Qatar's and China's wealth funds, sources said.

The credit line, which a source said has been secured from five foreign banks, would become the biggest such loan disbursed in Southeast Asia by private sector banks when fully drawn down. The facility also represents the first private sector funding for Danantara, which was set up in February and given control of more than $900 billion worth of assets.