DGRV SPENDS OVER E14M

EZULWINI – Financial inclusion is a major step towards inclusive growth as it strengthens the availability of economic resources and builds the concept of savings among businesses.

The Minister of Commerce, Industry and Trade Manqoba Khumalo yesterday double launched the National Cooperatives Federation of Eswatini (NCFE) and the Global Youth Project on Cooperatives (GYPC). Khumalo said this was made possible through the support of the German Cooperative and Raiffeisen Confederation (DGRV). “DGRV has funded the NCFE a sum of E10 066 750 and the youth project a sum of  E4 640 000 spread over a period of three years,” he said. The minister mentioned that the project comes with seven job opportunities which will be a positive impact to the economy of the country.

He said an opportunity like this would not only boost the economy but the youth will learn, grasp and understand the cultures, fundamental principles and values of cooperatives as they embark on the different projects to be rolled out countrywide. Khumalo also said Close to 75 million young people around the world were unemployed, inclusive of young people in Sub-Saharan Africa. “In the country, thousands of youth graduate from tertiary learning institutions every year with evidence indicating that, both the public and private sector are unable to absorb these graduates entering the job market. “Therefore, this project has come at an opportune time to help address the alarming rate of unemployment and poverty in the country,” he said.

Recognises

He alluded that government recognises the importance of co-operatives in wealth and employment creation and have, therefore, placed the co-operative sector at the heart of the economic recovery strategy; counting on the sector as a reliable development partner in terms of social, economic and cultural progress. “Our goal as government is to serve as facilitators and enablers, to clear the path for cooperatives so that they and their members can realise their full potential,” he said. Khumalo attested that they feel honoured and privileged to be among the only three countries around the globe to be supported for the Global Youth Cooperative Programme. The minister mentioned that although NCFE had already been launched last year, it had been found prudent to have this launch and engage broader stakeholders, since NCFE boasts of a fully-fledged office and operating programmes in the kingdom. President of cooperatives Musa Sibandze said cooperatives are important tools for improving the living and working conditions of both women and men.

Sibandze was speaking during the cooperatives day. He said cooperatives made decisions that balance the need for profitability with the welfare of their members and the community which they serve. “As cooperatives foster economies of scope and scale, they increase the bargaining power of their members providing them, among others benefits, higher income and social protection. Hence, cooperatives give their members; opportunities, protection and empowerment which are essential elements in uplifting them from degradation and poverty,” she said. The commissioner added that in an era where many people feel powerless to change their lives, cooperatives represent a strong, vibrant and a viable economic alternative and they are formed to meet peoples’ mutual needs.

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