KUSKOP ALLOCATES RM100 MILL TO FUNDING COOPERATIVES IN AGRO-FOOD SECTOR

PAPAR, April 21 (Bernama) — The Ministry of Entrepreneurial Development and Cooperatives (KUSKOP) has allocated RM100 million to finance cooperatives involved in the agri-food sector.

Minister Datuk Ewon Benedick said the financing, provided through the Revolving Capital Fund and managed by the Cooperative Commission of Malaysia (SKM), is an initiative of the government through KUSKOP to help address the country’s food supply and security challenges.

“I therefore encourage the community to form their local cooperatives and engage in activities such as agriculture, livestock farming, plantations and other agri-food sector activities.

“Cooperatives involved in the agri-food sector can help support the country’s food supply chain and food security,” he said in a statement after visiting a chicken farm developed by Koperasi Kinabalu Lestari Berhad (KOKINA) in Kinarut, near here.

The minister said the company has commenced construction of a broiler house at a cost of RM450,000, funded by its members’ shares, and the first rearing cycle is expected to commence in July 2024.

“I would therefore like to offer financing support of RM100,000 under the Start-up Financing Scheme (SuFi-1) to KOKINA as a show of support for this cooperative venture,” he said.

Meanwhile, Ewon said SKM registered 1,001 new cooperatives in 2023, a record for the most registrations in a single year.

He added that KUSKOP and its agencies, including SKM, are ready to help cooperatives, especially those already operating, to expand their activities.

— BERNAMA

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