KUALA LUMPUR, 4 April (Bernama) -- Majlis Amanah Rakyat (MARA) will set up Rural Capital Bhd, a dedicated financial institution to assist entrepreneurs, Datuk Seri Najib Tun Razak said.

The prime minister said the institution would provide various financial facilities, apart from entrepreneurship guidance and advisory services.

The formation of Rural Capital Bhd was approved by the Ministry of Finance, he said when launching the 50th anniversary of MARA celebration here today as the institution strives to set its direction for the next 50 years.

Najib said MARA was also restructuring itself with the setting up of MARA Corporation Bhd as a government-linked investment company (GLIC) worth RM1.4 billion.

He said the GLIC was aimed at standardising the corporate governance of all MARA subsidiaries to transform them into lean and more organised companies under one roof.

The restructuring will not involve any additional allocation from the government, he added.

In addition, Najib also announced the setting up of a non-technical university known as UniMARA to assist in human capital development.

The prime minister also announced the renaming of the MARA Education Foundation to the MARA Foundation in the quest to extend help to various target groups, besides renaming Jalan Semarang to Jalan MARA.

"Previously, the social responsibility of Yayasan Pelajaran MARA is limited to education, but with the change of name, its accumulated funds of RM800 million could be used to provide other types of aid such as welfare aid during floods and so on," he said.

-- BERNAMA