Malaysian co-operatives will receive funding from the government to recover from recent floods caused the monsoon rains.
In a statement published on 18 January, the Ministry of Entrepreneur Development and Co-operatives announced the launch of a Cooperative Emergency Fund, through which it will allocate up to RM30,000 (£5,449) to each co-operative affected by the floods. The ministry said funding can be used by co-ops to cover the cost of damages to their premises and products.
Some co-ops had already been negatively impacted by the Covid-19 pandemic. The government estimates that 73 co-operatives incurred a joint loss of RM3.2m (£581,306).
Minister Wan Junaidi bin Tuanku Jaafar said the government hoped the funding would enable affected co-operatives to restart their economic activities as well as remove some of the cost burden they faced as a result of the natural disaster.
“SKM also provides Cooperative Development Assistance and Unsecured Revolving Capital Funding where the priority for applicants is given to the affected co-operatives,” added Mr Junaidi.
Angkasa, the national apex for co-operatives said it was developing an insurance package for co-operatives through one of its subsidiaries. Through its CoopCare programme, Angkasa has also donated hundreds of packs of essential items and mobilised 24 volunteers to assist local communities and co-operatives in affected areas.
Angkasa’s president Datuk Abdul Fattah Abdullah encouraged co-operatives to play an active role in mobilising members to support communities in affected states such as Pahang, Kelantan and Johor.