Rwanda’s president orders for cooperative bank

President Kagame

President Kagame has ordered Trade and Industry Minister to establish a cooperatives bank as soon as possible.

The President made the immediate order in response to a seemingly emotional request by the Director General of the Rwanda Cooperatives Agency (RCA) Mugabo Damien during President Kagame’s latest signature sessions; “Meet The President”, in Kigali City.

More than 2500 members of RCA attended the event, concurrent with International Co-operative Day celebration.

Against an aggregated investment worth close to Rwf150 billion from Rwandan cooperatives, Mugabo told the president it’s reasonable they had their own bank.

According to Mugabo, the bank would be in good position to understand and adequately serve the growing and already strong group of committed and established business community more than 5000 cooperatives, including savings schemes,with more than 2.5 million members.

President Kagame did not hesitate.  He was convinced of the need for the bank and promised would determine, in the quickest time possible, whether or not this is a viable venture, to avoid keeping members waiting in vain.

AugustinKatabarwa, the president of the umbrella association of cooperatives, said Rwandan cooperatives are organised with numerous capital in investments, which has greatly transformed the lives of members.

President Kagame understands that cooperatives mean joining hands and achieving more together than we can achieve individually.

This year’s theme for the celebration was: “Co-operative enterprises achieve sustainable development for all.”

The aim of the day is to increase awareness of co-operatives and promote the movement’s successes and ideals of international solidarity, economic efficiency, equality, and world peace.

“It’s a matter of choice,” Kagamesaid.“When people are together, they minimise the impact of losses and multiply benefits.”

The day was first celebrated the International Day in 1923. The Rwanda Cooperative Agency was established in 2008.

 

Source: KT Press

(www.ktpress.rw)

 

About the author

Olive Ndaka is the Junior Editor for RwandaEye. An investor and young entrepreneur, she is a quick learner and has contributed many articles for RwandaEye in Kinyarwanda.

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