KAMPALA- Government has announced plans to fully revive the cooperative bank with in a period of one year.
This was disclosed by the Minister of trade industry and cooperatives Mwebesa Francis at the opening ceremony of this year’s Trade Review Conference.
He says that government is in the final stages of reviving this significant structure in trade, building on the success and existence of the Parish Development Model (PDM) SACCOS. “The cooperative bank now has where to start. PDM SACCO’s have been largely a success, now the next question is where do they save their money? That’s where the cooperative bank comes in, and within one year, we will have it operational.”
Mwebesa adds that it is through this strategy is that Centenary Bank and many other commercial banks were established.”Cooperative banks are not new to Ugandan traders, and their operations are essential to the country’s economic development.
The trade review conference organized by the UK International Development, in collaboration with Trade Mark Africa, Uganda, and the Ministry of Trade. The meeting is an important opportunity to reflect on Uganda’s trade journey, recognize the progress made, and engage in forward-looking dialogue on the future of trade and economic development.
The conference is being attended by the Minister of State for Trade, Permanent Secretary, Ministry of Trade, Industry and Cooperatives, the Ambassador of Denmark to Uganda, Representatives from Government Ministries, Departments and Agencies, Development Partners, Private Sector Representatives, and Civil Society Organizations.
Speaking at the conference, the Executive director trade mark east Africa Anna Nambooze, Says they will maintain partnership with Government of Uganda and the Ministry of Trade in advancing trade-led growth which gas seen reduced costs of doing business in the region.
