Jakarta. Indonesian sovereign fund Danantara has just unveiled its plans to issue the so-called patriot bonds, an instrument that could allow businesses to take part in the country’s development. 

According to Danantara’s chief investment officer Pandu Sjahrir, countries such as Japan and the US have used patriot bonds to strengthen the national financing capacity.

Pandu said that these upcoming bonds would enable the government to secure a stable source of medium- to long-term funding. At the same time, businesses can gain access to safe investment instruments that benefit the national economy. These bonds would also be built on the principles of voluntary participation and shared responsibility.

“Every financing initiative that we do will be directed at supporting long-term economic transformation and strengthening businesses’ role in the country’s development,” Pandu said in Jakarta on Tuesday, as reported by the state news agency Antara.

He also reaffirmed the fund’s commitment to manage its investments with “utmost care, transparency, and good governance.”

The patriot bond plan has garnered positive reactions from Indonesia’s leading businesspeople.

Seasoned investor Garibaldi “Boy” Thohir revealed that the patriot bonds could fund the country’s waste-to-energy projects.

Tycoon Prajogo Pangestu said that the bonds “could give businesses a chance to contribute to the national economic transformation with good governance.”

Franky Widjaja, who heads the palm oil giant Golden Agri-Resources, said that Patriot Bonds could create a multiplier effect. “Not only will it provide investment certainty, but the [patriot bonds] can boost inclusive growth for the people,” he stated.