In a bid to enhance the availability of affordable financing for micro and medium-scale enterprises in the country. The government is set to establish a Cooperative Bank to harness development in the country.
This has been revealed by the State Minister for Cooperatives, Frederick Gume Ngobi during the launch of activities to commemorate the international Cooperatives Day in Entebbe Municipality, Wakiso District.
The event was hosted by Walimu SACCO’s Union at Lake Victoria Primary School and attended by several key players in the cooperative world and cooperators from Entebbe Municipality and Katabi Town Council.
A similar bank known as the Uganda Commercial Bank was closed down in 1999 as the government took on a privatisation spree.
Ngobi revealed that an act about the institution of a new cooperative bank is already before the parliament and will take shape by 2024.
According to Ngobi, the bank will revitalise agriculture, small-scale industries and as well improve the country’s GDP.
“Access to cheap capital will diversify the economy and as well bolster innovation. It will as well help SACCOs grow and enrol more members,”
“Government has been able to tailor programs such as PDM at the smallest levels of administration, this has helped the number of cooperators grow from a meagre 6,500 members to over 15 million,” he stated.
The spokesperson of the Uganda Cooperative Alliance (UCA), Chrispus Mubale said this year’s International Cooperative Day has been marked by mass tree planting and blood donation.
“We have been able to plant over 100,000 trees today to set up climate change and environmental degradation, and as well donated blood in Kampala and Lira to meet the urgent need in hospitals. We believe this is a good way to commemorate Cooperatives Week,” he noted.
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