European Development Fund allocates VT100M to Cooperative Development

February 19, 2024 3:12 am | Posted in Business News | Share now TwitterFacebook

By Sabrina Tabi.

Last year, the European Development Fund (EDF 11) provided a substantial boost to the Office of the Registrar of Cooperatives and Business Development Services (ORCBDS) with a budget support of Vatu (VT) 100 million.

Director of ORCBDS, Joe Iauko, who revealed the above, explained that VT10 million out of this VT100 million, was earmarked for the Office’s overheads, while the significant sum of VT90 million was utilised to revive existing and establish new cooperatives nationwide.

Iauko emphasised that the funding was equally distributed across all 6 provinces. Notably, efforts extended to the remote Ureparapara Island in the Bank group, where a cooperative was established.

He highlighted the island’s limited access to shipping services, occurring approximately two times a year, underscoring the Department’s role in facilitating access to essentials by establishing and restocking the cooperative.

“Not only that, but the cooperative has managed to establish around 5-7 cooperatives in each provinces, from TORBA to TAFEA,” he added.Expressing gratitude to the government for securing the EDF 11 funding, the Director disclosed an additional VT100 million for the Cooperative’s 2024 budget has already been allocated by the government.