The Cabinet, in its meeting held today, Wednesday, under the chairmanship of Prime Minister Dr. Jaafar Hassan, approved the Cooperative Law Draft for the year 2025.
اضافة اعلان
Under the proposed law, a Cooperative Development Fund will be established within the Cooperative Institution with the aim of providing necessary funding to the cooperative sector, ensuring fair distribution, and contributing to supporting and empowering small and medium-sized productive projects, thus creating job opportunities, especially in agricultural sectors.
The amendments also include the establishment of a Cooperative Development Institute for the purpose of promoting the cooperative approach and training and qualifying national cadres in managing cooperatives and their work and accounting systems, enhancing the cooperatives' capacity and improving their performance.
The draft law also includes provisions for organizing and governing the activities of cooperatives and monitoring them to protect the rights of their members and ensure their sustainability. It also regulates the reception of external funding and grants, directing them towards the development of the cooperative sector as an economic lever. It aims to simplify and facilitate the procedures for establishing and registering specialized and regional cooperative unions, in alignment with cooperative principles and international best practices.
Additionally, the draft law organizes the formation of the Cooperative Institution’s Board of Directors and contributes to empowering women and youth to participate in the cooperative sector. It also integrates people with disabilities and residents in remote areas by encouraging them to establish cooperatives.
