Jakarta, July 12 -- Indonesian President Prabowo Subianto stated the Red and White Village Cooperatives will provide micro and super-micro loan services with an annual interest rate of 8 percent to expand public access to financing.

The president noted that this financing scheme would include the Mekaar (Fostering Prosperous Family Economy) collateral-free lending program, with its interest rate slashed from 22 percent to 8 percent per year.

"The interest rate used to be 22 percent, and I have reduced it to 8 percent. Compared to 22 percent, 8 percent is quite a relief," he said during the main celebration of the 79th National Cooperative Day in Jakarta, on Sunday.

He said that the village cooperatives will not operate solely as conven...