The Minister for Commerce and Trade has highlighted that cooperatives hold over $133 million worth of assets.[Source: Parliament of Fiji]

The Minister for Commerce and Trade has highlighted that cooperatives hold over $133 million worth of assets.

Minister Faiyaz Koya says the cooperatives have maintained revenue of $17.9 million, and in the last financial year, the cooperatives generated a net profit of $2.5 million.

Koya says cooperatives have received close to $300,000 through the numerous livelihood programmes offered by the Ministry since the outbreak of the pandemic in the country.

“For instance, under the MSME Concessional Loan Programme, $75,200 in assistance was provided to co-operatives. The Sede na Qele Co-operative Ltd in the North, which is a women-based fishing co-operative, used the funds to plant 500 yaqona plants to grow and diversify its business from fisheries to farming.”

Under the Integrated Human Resource Development Programme, $197,602 was provided to five co-operatives for capital projects.

Through this funding programme, businesses provide one third, whilst the government provides two thirds.

Koya says this concept gives cooperative ownership and responsibility for the resources that are invested in this venture.