Government to establish micro endowment bank: President

Jakarta (ANTARA News) – President Joko Widodo said that the government would establish micro endowment bank near Islamic boarding schools to overcome inequality in prosperity.

“We will soon establish micro endowment bank around the Islamic boarding school,” the President stated at the closing of a national meeting of the United Development Party (PPP) here on Friday.

The president noted that the key problems in the country are inequality and poverty. “This (the bank) is aimed at overcoming the problem of inequality and poverty.”

Mentoring is expected to assist in the effort to alleviate poverty and reduce inequality, he said.

According to Widodo, customers would only have to bear two percent of bank administration fees.

“Insya Allah (God willing), it could be materialized soon,” he added.

During the occasion, the president mentioned the governments program to redistribute lands, which were previously distributed to major parties only.

“Regarding the public economy, there will be asset redistribution, which were previously owned by wealthy individuals. Some owned 300 thousand hectares, 100 thousand hectares, and 50 thousand hectares,” he remarked.

Currently, the government has taken back some 12.7 million hectares of abandoned land.

“The government has taken back those abandoned land and will distribute them to the public, cooperative, and Islamic boarding schools that could get 10 thousand hectares and 50 thousand hectares, with a clear plan on how to use them, details on the product, and where to sell,” he explained.

The president has called on all parties to unite and work hand-in-hand to win the global competition.

“Our challenge in the future is not getting easier as we witness unpredictable world economy and politics. I call on all parties to unite and strengthen brotherhood, so that our country could win this competition,” Jokowi said.

Source: Antara News