A new agreement signed by the the Central Co-Operative Fund (CCF), Koperattivi Malta (KM), the Malta Cooperative Federation (MCF), and the Government of Malta (Malta Gov) will support the future of Maltese cooperatives. This agreement has addressed the injustices suffered by MCF since its formation and has put to an end to almost 10 years of conflict, in a sector that is essential to the economic and social development of our country.
The agreement will have the two cooperatives receive 70% of the contributions paid by their members, as of 2012.
Present at the press conference were Minister for Energy, Enterprise and Sustainable Development Miriam Dalli and Minister for Economy and Industry Silvio Schembri.
Minister Dalli said that CCF was determined to support existing and potential future co-operatives so that this sector is not only protected at present but also allowed to thrive and grow and offer an opportunity to youths interested in entrepreneurship.
Minister Dalli said that CCF will be ensuring the good governance of these funds so that past mistakes are not repeated. She called for a spirit of cooperation and collaboration and held that there is no doubt that cooperatives play an important role in our society, so that, for example, food prices are fair, and products are of good quality.
Minister Silvio Schembri said that with this agreement addressed past injustices suffered by MCF since 2012. He said that through the agreement CCF allocated €625,100 as compensation to MCF. He concluded by saying that the Government foresees potential in cooperatives for an ethical, socially just, and alternative model of how to embark on the path of entrepreneurship.
CCF Chairperson Luke Dalli said that this agreement brought to end years of dispute over the financing of cooperative associations in Malta. The agreement provides that 70% of the contributions collected will go to the associations and payment for the past years amounting to more than €700,000.