Government extends credit facility to co-ops in Sabah
Posted on August 18, 2012, Saturday
KOTA KINABALU: Cooperatives in Sabah can obtain credit facility extended by the government through the Cooperative Commission of Malaysia to develop cooperative business.
Deputy Chief Minister Datuk Seri Yahya Hussin said the financial aid was channelled via the cooperative development assistance programme and loans under the Revolving Capital Fund.
The Cooperative Deposit Account and Cooperative Liquidity Fund, established under the commission, provided more opportunities to cooperatives to get financing to venture into more competitive and viable businesses, said Yahya, who was also State Cooperatives Consultative Council chairman.
The government had been constantly helping to develop the cooperative movement in the country to see cooperatives playing their role effectively as the third important sector contributing to the country’s economic growth, he said when launching a programme to instil awareness on the importance of becoming cooperative members.
The programme was hosted by the Putatan Parliamentary Constituency Cooperatives Development Council.
Yahya urged cooperatives in Sabah to answer the government’s call to help stimulate the state economy and increase their revenue by playing an active role in the cooperative movement and taking advantage of the opportunities provided by the government.
He said the government also provided training and guidance to cooperative members and leaders to manage their cooperatives efficiently and profitably.
As of May 31, there were 902 registered cooperatives in Sabah, with 280,313 members, shares and fees totalling RM72.8 million, total assets amounting to RM444 million and RM235.7 million annual turnover, added Yahya, who is also State Minister for Agriculture and Food Industries.
Yahya also broke fast with the people at the Putatan district mosque last night. — Bernama