Funding boost for Malaysian co-op sector

The initiative forms part of the federal government’s RM 150 billion People’s Wellbeing and Economic Recovery Package

The Malaysian government will allocate RM20m over a one-year period to revitalise the co-operative economy post Covid-19.

The funding will support four intervention financing programmes for co-operative economic recovery, overseen by the Cooperative Commission of Malaysia (SKM) under the guidance of the Ministry of Entrepreneur Development and Cooperatives.

Prime minister Tan Sri Muhyiddin Yassin said the move would help entrepreneurs set up co-ops, and enable them to carry out economic activities such as marketing products through online platforms or selling products at co-operative shops.

The initiative forms part of the federal government’s RM 150bn People’s Wellbeing and Economic Recovery Package (PEMULIH), announced on 28 June.

The programme is the seventh economic stimulus package implemented by the government since the Covid-19 pandemic began. Mr Yassin said PEMULIH aimed to care for people, support businesses and accelerate vaccination.

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