Indonesia's SWF, China's CATL, CMBI to set up $2b fund for electric vehicles

Indonesia's SWF, China's CATL, CMBI to set up $2b fund for electric vehicles

Photo: Michael Marais / Unsplash.com

Sovereign wealth fund Indonesia Investment Authority (INA), Chinese battery manufacturer Contemporary Amperex Technology Co., Limited (CATL), and CMB International Capital Corporation Limited (CMBI) have signed a Memorandum of Understanding (MoU) to establish, and invest in, a $2 billion fund targeting electric vehicles.

All parties will jointly invest in the formation of the Green Fund focusing on building the EV value chain in Indonesia, from upstream to downstream. This is part of efforts in supporting Indonesia’s plan to reach carbon neutrality by 2060.

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