JAKARTA, Feb 13 (Reuters) - Indonesia's President

Prabowo Subianto will launch a new sovereign wealth fund called

"Danantara" on February 24 with assets under management

exceeding $900 billion, according to a video statement shared by

the government late on Thursday.

Prabowo said the fund will invest in sustainable high impact

projects across sectors such as renewable energy, advanced

manufacturing, downstream industries and food production.

"All these projects will contribute to achieving our

committed target of 8% economic growth," Prabowo said, referring

to the government's goal to achieve annual economic growth of

8%by 2029, compared to 5% growth last year.

He made the statement in a video at the World Governments

Summit in Dubai.

The statement on the expected launch came after the creation

of Danantara, modelled after Singapore's investment arm Temasek,

received parliament's approval last week.

Danantara will take over all government holdings in

state companies, which include leading lenders Bank Mandiri

, Bank Rakyat Indonesia, and Bank Negara

Indonesia, from the Ministry of State-Owned

Enterprises.

Prabowo also said the government has saved more than $20

billion in its budget through efficiency measures, equivalent to

about 10% of Indonesia's annual spending, and the savings will

be used to finance more than 20 multi-billion dollar projects,

such as investments in nickel, bauxite, copper and other

critical minerals.