Kuala lumpur: The RM254 million earmarked for 28 cooperative development programs this year represents the largest allocation ever since the inception of the country's cooperative movement, as announced by Entrepreneur and Cooperatives Development Minister Steven Sim. He highlighted that this funding, distributed through the Malaysia Co-operative Societies Commission (SKM), signifies a 167 percent increase from the previous year, illustrating the MADANI Government's dedication to positioning cooperatives as a central component of the people's economy.

According to BERNAMA News Agency, Sim emphasized that the funds will be provided as grants and financing to support the cooperative movement and its strategic initiatives through 2026. This announcement was made during a press conference, which also saw the attendance of Angkatan Koperasi Kebangsaan Malaysia Berhad (ANGKASA) president Datuk Seri Dr Abdul Fattah Abdullah and SKM chairman Lieutenant General (Rtd) Datuk Ahmad Norihan Jalal.

Sim elaborated that RM226 million of the total allocation would be directed through the SKM Revolving Capital Fund financing. This portion of the budget will support eight programs that aim to enhance working capital, expand business operations, and increase the competitiveness of cooperatives in the marketplace.

The remaining RM27.9 million is set to be distributed as grants through 20 programs under the Cooperative Development Provident Fund (KWAPb), the Central Cooperative Fund (CCF), and the development budget aligned with the 13th Malaysia Plan (13MP). The focus of these grants includes digitalizing operations, adopting green technology, bolstering export capabilities, and supporting business recovery efforts.

Sim concluded by stating, "Overall, this allocation reflects the ministry's ongoing commitment to strengthening the cooperative movement as a strategic pillar of the country's socio-economic development, in line with the 13MP."