Agri-cooperatives can apply for loans from Malaysian Cooperative Commission to expand business, says minister

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Entrepreneurs and Cooperatives Development Minister Tan Sri Noh Omar speaks during the Ministry of Entrepreneurs and Cooperatives Development Appreciation Ceremony in Putrajaya on July 5, 2022. – Bernama pic

Tuesday, July 5, 2022 8:48 PM MYT

PUTRAJAYA, July 5 – Cooperatives in the agribusiness sector can apply for easy loans through the Cooperative Commission Malaysia (CCM) to expand their business, said Minister of Entrepreneurs and Cooperative Development, Tan Sri Noh Omar .

He said that priority would be given to cooperatives in this sector that were active in food production such as animal husbandry and agro-agriculture.

“They will certainly want to expand their agri-food production activities, for example by expanding their poultry houses or acquiring more land for agriculture, thus supporting the government’s intention to improve this industry and strengthen our national food security,” he said. he said during a press conference at the ministry’s appreciation ceremony here today.

Prime Minister Datuk Seri Ismail Sabri Yaakob, while celebrating National Cooperative Month 2022 on July 2, announced the allocation of RM100 million under the CCM Agribusiness Food Fund to help cooperatives expand their businesses , especially poultry farming.

Noh said that no collateral would be required when applying for the loan and that borrowers would not be subject to conditions such as those imposed by banks, to facilitate their agribusiness expansion activities.

Noh also said he had discussions with leaders of 74 cooperatives involved in preparing food for higher education institutions (IPTs) to provide the Keluarga Malaysia menu as per the Prime Minister’s suggestion yesterday.

Ismail Sabri, in a statement issued on the occasion of a meeting of the National Action Council on the Cost of Living (NACCOL), announced that the government would introduce the menu in restaurants run by cooperatives, including cafeterias and other food outlets at the IPT, as an alternative to obtain food at reasonable prices for breakfast, lunch and dinner.

“I suggest they put together a menu with food prices 10-15% lower than other restaurants,” Noh said. — Bernama

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