Angkasa suggest revolving capital fund increase to RM500m in Budget 2017

KUANTAN: The Malaysian National Co-operative Movement (Angkasa) has called on the government to consider increasing the revolving capital fund allocation from 100 million to RM500 million in the budget 2017.
Its president Datuk Abdul Fattah Abdullah said the amount was to strengthen the co-operative movement which was overseeing 13,000 cooperatives nationwide.
"Through the fund allocation, a co-operative can apply for a loan of up to RM1 million, and if approved, the current allocation of RM100 million can only be utilised by 100 co-operatives," he told reporters after visiting the Pahang Islamic and Malay Customs Council (MUIP) office, here, today.
Abdul Fattah said the additional allocation could also encourage the co-operatives to be more active in generating income to achieve the RM50 billion target by 2020.
On the meeting with MUIP, Abdul Fattah said Angkasa planned to set up close cooperation with the religious council which was seen to be ahead in economic development, including owning several hypermarkets in the state.
He added that other things that could be done by Angkasa through the cooperation included bringing in a Stock Keeping Unit to be marketed in the hypermarkets. — Bernama