* Celebrates 76th Int'l Saving, Credit Cooperatives Day

ADDIS ABABA - Initiatives are being implemented to maximize cooperatives' contribution to socioeconomic development, the Addis Ababa Cooperatives Commission said, as the enterprises' annual average lending capacity reached 2.7 billion Birr.

The Commission in partnership with the Addis Ababa Saving and Credit Cooperation Federation (AASCCF) celebrated the 76th International Saving and Credit Cooperatives Day yesterday under the theme "One World through Cooperative Finance."

During the event, the Commission's Deputy Commissioner, Habteyes Diro said that the cooperatives' annual average lending capacity reached 2.7 billion Birr.

The commission has been carrying out various activities to provide technology-assisted services to address communities' challenges and ensure mutual benefit. Besides, it is making a significant contribution to the economic development of the country through providing financial services to the lower class of society, he mentioned.

Globally, some 82,758 saving and credit cooperative unions, which embraced over 4.9 million members in 98 countries at the international level have been engaging in various development activities. And Ethiopia has over 23,000 robust saving and credit cooperative unions that incorporate more than five million members, he stated.

"In Addis, there are persisting two finance saving and credit cooperative unions which have over 291,448 members. These unions have made 10 billion Birr," Habteyes added.

Habteyes further stated that the purpose of savings and credit cooperatives is to promote and expand the culture of saving and to facilitate members with adequate loans to do business and improve their life.

AASCCF's Chairperson, Mohammed Shemesu also said that cooperatives are prioritizing humanity in any situation.

According to him, the saving and credit cooperatives have been playing a pivotal role in addressing communities' socio-economic challenges.

He further stated that cooperatives are engines of changes as they are addressing a number of constraints. For instance, they are playing a crucial role in combating climate change, fostering social development, ensuring financial equality and inclusion, and the likes.

Therefore, the federation will strengthen upcoming cooperation unions to become game changer in socioeconomic development, Mohammed said.