KUALA LUMPUR: Ministry of Entrepreneur Development and Cooperatives (Medac) through the Cooperative Commission of Malaysia (SKM) continues to proactively assist the cooperative movement severely affected by floods by providing a Cooperative Emergency Relief Fund.
In a statement today, Minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar said the affected cooperatives were eligible to receive cooperative emergency assistance of up to RM30,000 each.
He said this emergency assistance would be used by the cooperative as appropriate compensation for any damage to the premises, assets or products due to natural disasters or out of control factors as per the provisions of the Malaysian Cooperative Societies Commission Act 2007.
“It is hoped that it will help cooperatives to redevelop economic activities as well as reduce the burden of cooperatives affected by the natural disaster.
“SKM also provides cooperative development assistance and unsecured revolving capital fund where the priority for applicants is given to the affected cooperatives,” said Wan Junaidi.
As of Jan 15, it is estimated that a total of RM3.2 million losses were suffered by 73 affected cooperatives including in Pahang (40 cooperatives), Kelantan (three), Terengganu (nine), Sarawak (two) and Perak (five).
Wan Junaidi said the Cooperative Emergency Assistance offered could at least help the cooperative to reactivate its business activities to continue to be an effective contributor to the country’s economic development. – Bernama