Page 58 - MOE ENGLISH PR REPORT - JUNE 2024
P. 58
Press Release
The country recently promulgated Federal Act No. 6 of 2022 on the cooperative sector, marking a
significant shift in the development of guarantor policies for this sector. This law enables the
formation of cooperatives in new areas and the diversification of their activities. The Ministry
adopted two main targets in the light of this law: to increase the proportion of cooperatives'
contribution to non-oil GDP to 5 per cent by 2031, and to increase the number of contributing
members in cooperative associations to approximately 500,000.
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