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 coperatives mwebesa Francis at the opening ceremony of this year’s Trade Review Conference.
He said tthat 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,” he said.
Mwebesa noted that it is through this strategy 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 cconference was organised by the UK International Development, in collaboration with TradeMark Africa, Uganda, and the Ministry of Trade.
The meeting, is an important opportunity to reflect on Uganda’s trade journey, recognise the progress made, and engage in forward-looking dialogue on the future of trade and economic development.
The conference was 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 Organisations.
In her remarks, the Executive director trademark east Africa Anna Nambooze, said that they will maintain partnership with Government of Uganda and the Ministry of Trade in advancing trade-led growth and ensure the cost of doing business in the region reduces.
