RM254 MLN RECORD ALLOCATION REFLECTS GOVT'S COMMITMENT TO BOOSTING COOPERATIVE SECTOR - SIM

KUALA LUMPUR, Jan 29 (Bernama) -- The RM254 million set aside to implement 28 cooperative development programmes this year marks the highest allocation ever channelled since the country’s cooperative movement was established, said Entrepreneur and Cooperatives Development Minister Steven Sim.

He said the allocation channelled through the Malaysia Co-operative Societies Commission (SKM) rose 167 per cent from last year, underscoring the MADANI Government’s commitment to making cooperatives a key driver of the people’s economy.

“The funds will be channelled in the form of grants and financing to support the cooperative movement and its strategic initiatives throughout 2026,” he said at a press conference here today.

Also present at the event were Angkatan Koperasi Kebangsaan Malaysia Berhad (ANGKASA) president Datuk Seri Dr Abdul Fattah Abdullah and SKM chairman Lieutenant General (Rtd) Datuk Ahmad Norihan Jalal.

Elaborating, Sim said RM226 million of the total allocation would be channelled through the SKM Revolving Capital Fund financing.

He said the allocation covered eight programmes aimed at supporting working capital, expanding businesses, and boosting the competitiveness of cooperatives in the market.

Sim said the remaining RM27.9 million would be channelled as grants through 20 programmes under the Cooperative Development Provident Fund (KWAPb), the Central Cooperative Fund (CCF), and the development budget under the 13th Malaysia Plan (13MP).

“The focus of the grant includes digitalising operations, adopting green technology, strengthening export capabilities, and supporting business recovery.

“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,” he added.

-- BERNAMA