Prabowo: KDKMP to provide microcredit at 8 percent interest

President Prabowo Subianto has stated that the Koperasi Desa/Kelurahan Merah Putih (KDKMP) will provide micro and super-micro credit services with an annual interest rate of 8 percent to expand public access to financing. President Prabowo said the financing facilities include unsecured loans through the Mekaar (Membina Ekonomi Keluarga Sejahtera) programme, where the interest rate has been reduced from 22 percent to 8 percent per annum. “The interest rate, which was previously 22 percent, I have reduced to 8 percent. Compared to 22 percent, 8 percent is quite good,” Prabowo said during the peak commemoration of the 79th National Cooperative Day at the Indonesia Arena, Gelora Bung Karno, Jakarta, on Sunday. In addition to financing services, KDKMP will be developed as an integrated village economic service centre to support community economic activities. Various facilities will be available in one area, including basic food shops, savings and loan services, village pharmacies providing generic medicines at more affordable prices, logistics centres, storage warehouses, and cold storage facilities to maintain the quality of agricultural, plantation, fishery, and other commodity products. According to him, subsidised goods must not be traded as they are the right of the people who need them. “KDKMP will later become an integrated village economic service centre,” Prabowo stated.