TELUK INTAN: Minister of Entrepreneur Development and Cooperatives Datuk Ewon Benedict announced that the Malaysian Cooperative Commission (SKM) has sanctioned financing from the Revolving Capital Fund (TMP) totalling RM253.37 million for 150 cooperatives across the nation as of November this year.
During the same timeframe, he said SKM also granted RM12.23 million to 155 cooperatives in the form of grants.
“KUSKOP, through its agencies like SKM, remains dedicated to bolstering the cooperative movement, ensuring that cooperatives nationwide play a significant role in the country’s economic activities.
“These financing initiatives will be sustained in the upcoming year. Additional funding under the 2025 budget is currently being finalised and is anticipated to further enhance the cooperative movement in the future,” he said.
Ewon told reporters this after attending the 50th Golden Jubilee Celebration of MOCCIS Sdn. Bhd. Ltd. and the inauguration of the Dē 1 MOCCIS Banquet Hall here on Monday.
On the proposed amendments to the Cooperative Act, Ewon said that KUSKOP is engaging with various government agencies to discuss the issue.
“The Malaysian Cooperative Institute (IKMa) has conducted an in-depth study on this amendment, and the findings were also deliberated at the National Cooperative Congress last July,” he noted.
According to Ewon, the ministry is in the final stages of refining key policies related to the amendment of the Cooperative Act before presenting them to the Cabinet.
“This will be followed by a consultation session with the cooperative movement and members of Parliament to ensure a comprehensive preparation of the amendment draft.
“I aim to present the policy proposal to the Cabinet by the end of this year, prior to its submission to Parliament for approval,” he added.
