Banking - Himbara to provide IDR400 tn for village co-operatives

Banking - Himbara to provide IDR400 tn for village co-operatives The Association of State-Owned Banks (Himbara) has been asked to channel loans of up to IDR400 tn, as initial capital for the Merah Putih Village Cooperative (Koperasi Desa Merah Putih), a programme initiated by President Prabowo Subianto. The programme aims to establish one cooperative unit in every village. But it is not limited to revitalising existing village cooperatives. Minister of Home Affairs, Tito Karnavian, emphasised that the cooperative will not only be a driver of economic growth at the village level. But it also acts as a buyer or offtaker of the supplies produced by each village, at a fair price. ‘In general, there will be a budget in the form of loans from banks. The co-operative will be able to pay later,’ said Tito at the Presidential Palace on Friday (7/3). (Source : Idn Financials)