Friday, January 11, 2019

Cooperatives have Rs 302 billion saving

The cooperatives have collected savings of Rs 302 billion, according to the National Cooperative Federation of Nepal (NCFN). "A total 35,512 cooperatives operating across the country collected Rs 302 billion of savings," informed NCFN deputy manager Babul Khanal.
Addressing a two-day workshop on 'enhancing the cooperatives’ role in the national economy,' in the valley today, he said that of the total amount collected as savings, Rs 272 billion has been issued as loan investment. "The cooperative, which is one of the three pillars of the national economy, has been providing employment to more than 60,000 people," he said, adding that some 20 various types of cooperatives are affiliated to the federation and the cooperatives’ contribution to the GDP is four per cent and to the financial sector is 20 per cent. "The cooperatives have 6.3 million share-holders and of them 51 per cent are women."
Federation advisor Hari Krishna Upadhyaya, on the occasion, opined that since the cooperative is a social business it helps promote micro, medium-scale and big enterprises thereby creating employment.
Secretary at the Ministry of Land Management, Cooperative and Poverty Alleviation, Gopinath Mainali, presented a paper on 'existing legal framework for the promotion of cooperative entrepreneurship,' on the occasion, where more than 300 people associated with the cooperatives are taking part to learn on promotion of entrepreneurship through the cooperative. 

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