Wednesday, July 21, 2010

MCC approves RM600m loan for revolving capital to cooperatives

KOTA BHARU: The Malaysian Cooperatives Commission (MCC) has approved a loan of RM600 million to almost 2,000 cooperatives nationwide for revolving capital up to March this year.

Its deputy executive chairman Md Yusof Samsudin said the amount was raised by another RM80 million this year.

He said the increased allocation under the scheme could overcome the problem of the cooperatives' dependency on the financial institutions in obtaining loans.

"Up to March this year, we have already approved 1,766 loans to cooperatives amounting to RM600 million throughout the country," he told Bernama after opening the Eastern Zone Course on Managing Loans for Revolving Capital Fund for Cooperatives Development, here on Tuesday night, July 20. ' Bernama

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