Asean to scrutinise proposal to set up micro enterprise bank

KUALA LUMPUR: ASEAN economic ministers will discuss further, the proposed establishment of a micro enterprises bank operating in each member country, says International Trade and Industry Minister, Datuk Seri Mustapa Mohamed.
He said the move, mooted by the ASEAN-Business Advisory Council, will focus purely on small and micro enterprises that are keen to expand business and investments to member countries.
At a press conference on the final day of the 21st ASEAN Economic Ministers' Retreat (AEM) here yesterday, he said more time was needed to discuss the proposal for the bank, which is expected to enhance contributions from small and micro
enterprises.
At present, each member country has its own approach towards assisting the small and micro enterprises, Mustapa said, adding, Malaysia for one, has had a "Micro Financing Scheme" for a long time.
Under the scheme, co-operative banks and specialised credit windows of banks offer business loans ranging from RM500 to RM50,000 for the small and micro enterprises.
Economic ministers from ASEAN member states have been huddled here from Friday for a crucial meeting to advance plans for the establishment of the ASEAN Economic Community (AEC).
The retreat, one of the many ASEAN meetings held in conjunction with Malaysia's leadership of ASEAN in 2015, is chaired by Mustapa.
Malaysia's theme for the chairmanship of ASEAN is, "Our People, Our Community, Our Vision." – Bernama