FCA establishes over 7,000 cooperatives

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Addis Ababa, 14 May 2014 (WIC) - The Federal Cooperative Agency (FCA) said that 7, 283 new cooperatives were established during the last 9 months of this Ethiopian budget year.
Agency Public Relations Directorate Director, Yigzaw Dagnew, told WIC that the new cooperatives have a total of 831, 012 members over 94.3 million birr capital.   
According to Yigezaw, the plan was to establish 6, 833 cooperatives with over 190.8 million birr capital.
Though the target was to establish 30 unions with 26 million birr capital, the agency managed to set up 8 unions that have over 11.6 million birr capital, he said.
The cooperatives and unions have also saved over 128.2 million birr and over 12.2 million birr respectively. They also distributed 80 million birr and 11.5 million birr loan, respectively, he said.
Owning to the efforts made to create local market linkage, some 16 cooperatives were able to supply 62,300 quintals of maize to the United Nations World Food Program (WFP), he said.  
The cooperative and unions were also given close to 10 billion birr loan so that they could procure agricultural inputs during production season, he said.