The Co-operative Bank and the Gov't on final reviving stages

State Minister for Industry Hon David Bahati has revealed that government is in advanced stages of reviving the Cooperative Bank.

Government sold off the Cooperative Bank under the Structural Adjustment Program, which was fronted by the International Monitory Fund and the World Bank.

Bahati says that President Yoweri Kaguta Museveni has directed the Trade Ministry to write a paper on how the Cooperative Bank can be revived.

The president, according to Bahati, strongly believes that a strong cooperative bank can support cooperatives and the broader development of the country by helping businesses access soft loans compared to commercial banks

Bahati made the revelation during the 36th Annual General meeting of Lyamujungu Cooperative Financial Services Limited that was held at Little Ritz Hotel gardens in Kabale Municipality on Saturday.

During the event, the minister also revealed government's plan to set up an automated system that will fight the issue of multiple borrowing from different financial institutions.

Stanly Abomugisha, the Sacco Chairperson Board of Directors condemned the high taxes imposed on saccos??by the government.

These he said have continuously discouraged clients and most of the locals from developing a culture of saving.