DODOMA City Council has released 47.9bn/-for issuance of loans to cooperatives for 2019/2020 financial year, the chairman of education, economy and Health, Daudi Mkhandi has confirmed.
According to him, the City Council has about 74 Cooperative Societies, including 65 SACCOS, as well as five AMCOS.
Speaking during a councilors’ council meeting, Mr Mkhandi said the loans were part of the money that was provided during the last quarter of 2019.
He said the money was provided to cooperatives that have over 12,000 members as well as 286 institutions and groups to facilitate the implementation of various development projects.
Mr Mkhandi, who doubles as Nkuhungu Councilor, said out of the loans that had been provided, already the cooperatives have returned 39.9bn/-, and that about 7.9bn/-was still in the hands of the cooperative unions.
“However, there are cooperative unions that received loans from financial institutions amounting to over 2.1bn/-, and they have already serviced 1.3bn/-in loans, meaning that they are supposed to do repayment of 729.2m/-.”
The Nkuhungu councilor said that in ensuring that the cooperative unions remain strong and sustainable, the government made inspections and provided training to 25 cooperatives in collaboration with the regional cooperative union commission.
He added that the training was sustainable and that as per the requirement of the law, cooperative unions that were yet to be inspected would be inspected this year, adding that there were unions that had been put under close supervision.
