By Ministry of Commerce Industry and Trade | 2022-08-12
The German Cooperative and Raiffeisen Confederation (DGRV) has pumped in about E15 million to Eswatini Cooperative movement spread over a period of three years.
This was revealed by the Minister of Commerce, Industry and Trade Manqoba Khumalo during the double launch of the National Cooperatives Federation of Eswatini (NCFE) and the Global youth project on cooperatives.
The financial support will go a long way in the creation of job opportunities for the youth of the country through the development of various income generating activities under the cooperative umbrella.
Both NCFE and the youth project will receive ten million, sixty-six thousand and seven hundred fifty emalangeni (E10 066, 750.00) and the Youth Project for four million six hundred and forty thousand emalangeni (E4 640 000) respectively spread over a period of three years.
According to minister Khumalo, the project comes with seven job opportunities which will be a positive impact to the economy of the country. “Once again, I take this opportunity to convey my sincere thanks to DGRV for their unwavering support extended to the development of cooperatives in the country”, Khumalo said when passing his gratitude to DGRV.
NCFE was launched by the minister last year and hit the ground running as its formation was long overdue. “I have found prudent to have this launch and engage broader stakeholders since NCFE now boasts of a fully-fledged office and operating programmes in the kingdom”, he added.
This opportunity will not only boost the economy of the country but the youth will learn, grasp and understand the cultures, fundamental principles and values of cooperatives as they embark on the different projects to be rolled out countrywide.
The cooperative style of doing business has proven to be sustainable as members from different backgrounds come together to share their knowledge and skills on specific topics.
“Indeed, young people often cite that it is the values and principles displayed by cooperatives that make these associations attractive, both as a means to create their own enterprises and as potential employers who will provide them with lucrative employment opportunities”, Khumalo said.
Close to 75 million young people around the world are out of work, inclusive of young people in Sub-Saharan Africa. In the country, thousands of youth graduate from tertiary learning institutions every year with evidence indicating that, both the public and private sector are unable to absorb these graduates entering the job market.
“Therefore, this project has come at an opportune time to help address the alarming rate of unemployment and poverty in the country”, he added.
Furthermore, Khumalo said government recognised the importance of cooperatives in wealth and employment creation, and had, therefore, placed the Cooperative Sector at the heart of the economic recovery strategy; counting on the Sector as a reliable development partner in terms of social, economic and cultural progress.
“Our goal as Government is to serve as facilitators and enablers, to clear the path for cooperatives so that they and their members can realize their full potential”, he said.
Minister Khumalo then challenged the NCFE, as a national organisation, to assist government in the role of cooperative development as well as by growing the cooperative sector of Eswatini in general.
“Where government services are dwindling the NCFE should step up and close those gaps so that the cooperative sector will forever experience tremendous growth”, he added.
Eswatini is amongst three countries around the world to benefit from this financial support. “We feel honoured and privileged to be amongst the only three countries around the globe to be supported for the global youth cooperative programme.
May I, assure our partner DGRV, that the goals and objectives of the project will be fully met to advance the youth development agenda”, the Minister added.
He then requested all cooperatives and other stakeholders to continue providing opportunities for young people, women and the most vulnerable in society, so they can achieve their hopes and dreams, personally and professionally, because cooperatives are the only inclusive and viable institutions communities can use to cooperate out of indebtedness, generational poverty and youth hopelessness.
NCFE President Musa Sibandze said they were grateful to DGRV for the technical assistance and promised that the funding will be used in accordance to improve the livelihoods of the members of the cooperative movement including the youth.
“We really appreciate the kind gesture by DGRV and the funding came at an opportune time where NCFE is in the process of empowering its members through the creation of a conducive environment for cooperatives to thrive”, he added.
Present during the launch were the ministry’s portfolio committee member of both houses of parliament, head of German Cooperation and a representative of the regional director of DGRV.
For more information:
Ministry of Commerce, Industry & Trade
Interministerial Complex, Mhlambanyatsi Road, Mbabane
Tel: 24043202/6
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