Minister Aryal for chanelizing 50 pc coop capital in productive sectors

Kathmandu, Aug 16

Minister for Land Management, Cooperatives and Poverty Alleviation Padma Kumari Aryal said on Sunday that the cooperatives should invest their 50 per cent institutional capital in the productive sectors.

"This is the time the cooperatives need to contribute to the job creation and economic growth. They should be more professional," she said while addressing the 33^rd Anniversary of the Nepal Federation of Savings and Credit Cooperative Union Limited (NEFSCUN) in Kathmandu.

She indicated that the government might issue some mandatory regulations to run the cooperatives in commercial manner and guide them to job creation.

"The government is making preparations to create a new provision that the cooperatives that have institutional capital more than 5 per cent of the total capital should invest its 50 per cent in the productive sector," said Aryal.

The Minister emphasised on the institutional strengthening and asked the cooperatives to make the members' interest the first rule.

"We need some mandatory policy provisions to include the deprived people in cooperative and create livelihood opportunities for them," she said.

Likewise, she said that the interest of the cooperatives should be reviewed in order to facilitate poor people to get benefits from them.

According to her, the cooperatives should adopt the latest technology and create skilled human resources to make them professional. "The tendency to run cooperatives from a bag must be discouraged," she said.

Published in The Rising Nepal daily on 17 August 2020.