The State Minister for Cooperatives, Mr. Fredrick Gume Ngobi has revealed that plans are on to revive the Cooperative bank. The bank collapsed during the early 1990s over alleged mismanagement.
Ngobi now says s a Cabinet paper to that effect has already been tabled, further calling for support towards the initiative.
“For the first time since our struggle began, government has accepted that we revive our cooperative bank, we have already hit on the Order Paper of Cabinet and it’s only a matter of time that we will be presenting the need for our bank,” he said.
His remarks come ahead of events to commemorate the United Nations’ (UN) International Day of Cooperatives marked every 1st of July since 1923.
The annual celebration recognizes the significant contribution of cooperatives to the global economy and their role in building a more sustainable future.
This year’s celebration will be the 100th International Cooperative Day, which is also called ‘Coops Day’ and it will be marked under the theme; “Cooperatives for sustainable development”.
Robert Mpakibi Waiswa, the commissioner for cooperatives in the Ministry of Trade, said the week-long Coops Day activities will include an exhibition and a national symposium on cooperatives to discuss issues of regulation and development.
