Jakarta, Indonesia, 6.4.2015 – The Islamic Development Bank (IDB) Group and Indonesia’s Pertamina Pension Fund have signed an MoU for investment cooperation in various fields in the country. The Pertamina Pension Fund is a subsidiary of the state-owned oil and gas company Pertamina, which is ranked as one of the largest companies in the world with annual sales revenues around US $70 billion.

In addition to exchange of information and investment expertise, the MoU primarily sets the framework for joint investments between IDB Group and Pertamina in Indonesia, as well as in other IDB Group member countries at a later stage.

On the occasion of the MoU, IDB Group Chairman, Dr. Ahmad Mohamed Ali asserted that in line with the Bank’s efforts to upgrade relations with development institutions in member countries, this document aims to pave the way for increasing investment opportunities and expanding activities in the interest of the member countries.

President Commissioner of Pertamina, Dr. Sugiharto, meanwhile, voiced hope that the partnership will open up new investment horizons for both sides.