Malaysia - The Malaysian Cooperative Commission (SKM) recently approved RM85.9 million in financing for cooperatives.
This significant financial support, targeted at large-scale projects, provides substantial resources for cooperatives, enhancing their ability to expand operations, invest in new ventures, and ensure financial stability. The introduction of various financing schemes offers tailored financial solutions to meet the diverse needs of cooperatives at different developmental stages. These options will promote growth by enabling cooperatives to undertake more ambitious projects with more confidence and security in their investment.
Additionally, the initiative addresses the low participation rates of the Indian community in the cooperative movement. By encouraging greater involvement and announcing the Indian Community Cooperative Congress, the SKM promotes inclusivity and aims to create a more representative cooperative sector.
This inclusive approach can lead to a more vibrant movement, driving socioeconomic development across different communities.
With cooperatives already contributing significantly to the national economy through substantial assets and revenue, the additional financing is poised to enhance the sector's economic impact further.
