News
Indonesian sovereign wealth fund lends flag carrier US$405 million
June 25th 2025
Garuda Indonesia has received a funds injection of US$405 million from Danantara Asset Management, an arm of Indonesia’s sovereign wealth fund. Read More » Garuda will use the loan to fund continuity of the business, the shareholder loan agreement said. While Garuda has improved its operational and financial performance after a recent restructuring, there are still obstacles to recovery. They include, the loan agreement said, being in negative equity for the last three years, having an aircraft maintenance backlog at Garuda and its LCC, Citilink, and a decline in aircraft serviceability. Garuda Indonesia CEO, Wamildan Tsani Panjaitan, told local media Danantara’s support is an important step in the transformation of the airline. Indonesia’s government is the majority owner of Garuda Indonesia.
