Gov't fails to allocate funds for reviving cooperative bank

Jan 06, 2016

Revival of the bank requires an authorized capital of sh35b with 20b contributed by the cooperative associations while Government tops up sh15b

GOVERNMENT has failed to find sh15b for reviving the cooperative bank in the financial year 2016/2017 as earlier promised.

 

The chairperson of the budget committee who is also the MP for Ntenjeru North Amos Lugoloobi said that revival of the bank requires an authorized capital of sh35b with 20b contributed by the cooperative associations while Government tops up sh15b.

 

"This bank used to play a major role in the running of cooperatives in this country and its absence means they can stand on their own" Lugoloobi said.

 

He added that government is still committed to reviving the cooperative bank once the funds are made available.

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