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View all search resultsBRI restructures 2.8m loans to MSMEs to cushion virus impact
The government has allocated Rp 123.46 trillion of the total Rp 695.2 trillion in COVID-19 response funding to aid small businesses and cooperatives during the ongoing global health crisis.
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tate-owned Bank Rakyat Indonesia (BRI) has restructured 2.88 million loans to micro, small and medium enterprises (MSME) worth Rp 179.17 trillion (US$12.35 billion), a bank executive has said.
BRI president director Sunarso said on July 29 that the company had also granted Rp 24 trillion in loans to MSMEs that had been greatly affected by the COVID-19 pandemic. The loans were disbursed to 565,000 MSMEs and sourced from the government’s national economic recovery (PEN) fund.
The government placed a total of Rp 30 trillion into the Association of State-Owned Banks (Himbara) on June 24, of which BRI received Rp 10 trillion.
“Our goal is to leverage Rp 30 trillion in loans over three months to boost the economic strength of MSMEs and keep our economic engine running,” Sunarso said in a statement.
Small and medium enterprises, which provide more than half of the country’s gross domestic product (GDP), have been hit severely by the pandemic as Indonesia’s economic growth slowed to 2.97 percent in the first quarter of 2020.
The government has allocated Rp 123.46 trillion of the total Rp 695.2 trillion in COVID-19 response funding to aid small businesses and cooperatives during the ongoing global health crisis.
It previously channeled Rp 11.84 trillion of the program’s budget to MSMEs in the form of debt restructuring funds, investment funds for cooperatives through the Revolving Fund Management Agency (LPDB) and microcredit program (KUR) interest subsidies.
