Government to reopen coop banks


The government plans to revive the defunct Cooperative Bank to propel investment in agriculture, the Trade minister has said.

Ms Amelia Kyambadde said government is committed to eliminating hindrances to agricultural transformation. “Government is in the final plans of restoring Uganda Co-operative Bank to consolidate and enhance the availability of affordable financing to viable projects in agriculture and micro and medium scale enterprises development,” said Ms Kyambadde.

The minister was presiding at the special annual general meeting of Sebei Elgon Cooperative Union (SECU) in Kapchorwa District on Tuesday.

She said government has finalised measures to re-launch the cooperative bank which was shut down by Bank of Uganda due to insolvency about a decade ago.

Ms Kyambadde said the revival of the bank also known as the agricultural bank, will provide affordable loans to farmers and save them from exploitative commercial banks whose credit is even hard to access due to the high interest rates.

SOURCE: Daily Monitor

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