On 26 January 2010, the Indonesian government announced the formation of a US$1 billion Indonesia Green Investment Fund (GIF) under the auspices of Pusat Investasi Pemerintah (PIP), Indonesia's sovereign wealth fund under the Ministry of Finance. With Indonesia taking an initial US$100 million placement, CTF Partners, Ltd., the fund's manager, will look for the balance to come from institutional investors and other countries including the US, Australia, Japan, the UK, France, and Norway. Modeled after last year's US$250 million Indonesia Clean Technology Fund (ICTF), the new fund will invest as much as US$80 million per project in renewable energy, water treatment, and deforestation containment projects.