Over 3,000 cooperatives established in six months

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Addis Ababa, 22 February 2014 (WIC) - Some 3,457 cooperatives were established in the first half of this Ethiopian budget year, according to the Federal Cooperative Agency (FCA).

With over 334, 840 members, the newly established cooperatives were able to generate over 94.3 million birr income, Public Relations Directorate Director with the Agency, Yigzaw Dagne, told WIC.
Some 8 unions which made 11.6 million birr income were also created in the first six months of the budget year, according to the director. 
In addition to supplying their products to local markets, the cooperatives are exporting various products to overseas markets, thereby generating foreign exchanges for the nation, he said.
According to Yigzaw, they earned over 31.2 million US dollars in revenue in the reported period by exporting coffee and sesame to various countries.

the cooperatives and unions have saved over 54.2 million birr as well as distributed over 62.8 million birr to their members, he added.

With a view to alleviating storage shortage of the cooperatives and unions, four warehouses were built in Amhara and Tigray regional states at a cost of over 37.6 million birr. 
Efforts are also underway to build seven additional warehouses in various parts of the nation, he added.

Short-term trainings on service provision, accounting and marketing were also given for 944 heads and employees of unions and cooperatives, he indicated. 
The agency has set a target of raising the number of cooperatives at the end of GTP period to 59, 401 from 53, 982 now, while the number of unions to 546 from 309 now.