• June 16, 2024
  • Last Update June 16, 2024 2:27 PM
  • Nairobi

Residents urged to tap into sh 96 million cooperative fund

Residents urged to tap into sh 96 million cooperative fund


Wednesday May 29 2024

KNA by Peter Gitonga

Turkana Deputy Governor John Erus, has called upon residents of the County to join existing or form new Cooperative societies to benefit from cheaper credit for economic growth.

Dr Erus said that the County had allocated Sh96 million to spur growth of the Cooperatives and Enterprise Development sectors through provision of seed capital for startups and growth.

Speaking during the opening of a five days capacity building workshop for Cooperatives and Enterprise Fund Board Members and Staffs, DG Erus stressed the opportunities available for the informal sector in the Cooperatives movement, urging the Bodaboda Youth and SMEs to take up the opportunities.

“Through this training, I am optimistic that the board members will gain the relevant skills to interpret and effectively apply regulatory frameworks for managing the sector,” DG Erus stated.

The training is designed to facilitate the development of a working regulatory framework to streamline the disbursement of funds to cooperative groups and fast track the formation of new Cooperative societies.

Supported by International Labour Organisation (ILO) and USAID LMS, the capacity building also aims to induct the board members on good governance.

On his part, the CECM for Trade, Youth and Gender Affairs David Erukudi emphasised that Capacity building for cooperative fund board members and the staff is crucial as it equips them with the necessary skills and knowledge to effectively manage and allocate resources.

“The training is intentionally designed to enhance fund board members decision making skills, observance of transparency and accountability, and fosters sustainable development of the cooperatives sector,” CECM Erukudi said.

By strengthening members’ leadership and financial management capabilities, the board can better support the cooperative’s objectives, ultimately contributing to the community’s economic growth.

Chief Officer for Trade, Cooperatives and Enterprise Development, Robert Loyelei, also expressed gratitude for the support from ILO and LMS, acknowledging their crucial role in the fund’s development.

“Our partners have been instrumental in facilitating this workshop and providing the expertise needed to draft comprehensive regulations for the fund,” Chief Officer Loyelei said.

Also in attendance were Cooperative Director Shemmy Ekuwom, Assistant Director Audit Francis Abongo, Staff of the Cooperative directorate, Director of Administration and representatives from the office of the County Attorney.

The exercise was also attended by the Director of Administration and representatives from the office of the County Attorney.

Courtesy: KNA

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *