This is frankly bizarre. Tell me again why is USM offering micro-credit? I thought USM is a university not a bank! And this scheme is not an incubator scheme which is found in some universities. This is a complete waste of tax payers’ money. The VC has some explaining to do. Perhaps, Malaysiakini can chase down this story.
Loans for varsity staff
GEORGE TOWN: Universiti Sains Malaysia has become the first public university in the country to offer interest-free loans to its clerical staff. With a repayment period of two years, a total of RM37,500 was given out to 10 USM employees recently to upgrade their small businesses.
USM vice-chancellor Tan Sri Dzulkifli Abdul Razak said the USM micro credit project is important to assist enterprising staff in view of the economic downturn.
“It is our duty to fulfil the financial needs of the USM employees during these challenging economic times,” Dzulkifli said after handing over the loans to the first group of recipients.