The Co-operative Bank, a unit of UK-based consumer cooperative The Co-operative Group, has launched an initiative named Global Development Co-operative (GDC) to provide finance to cooperatives in developing countries [1]. GDC aims to raise USD 50 million from cooperatives and cooperative federations including All China Federation of Supply and Marketing Co-operatives (ACFSMC) of China, Credit Cooperatif of France, Indian Farmers Fertiliser Co-operative Limited (IFFCO) of India and Mid-Counties Co-operative of the UK. Money raised will be loaned to cooperatives in developing countries at an annual interest rate of 2 percent to 5 percent with terms of up to seven years. Switzerland-based International Co-operative Alliance (ICA), a nonprofit organization that represents cooperatives worldwide, in partnering with The Co-operative Bank on this initiative in an unspecified manner.
GDC has been launched to support the declaration of the year 2012 as the International Year of Cooperatives by the United Nations. Co-operative Financial Services, which encompasses The Co-operative Bank and The Co-operative Insurance, reported approximately 8 million customers and total assets of GBP 69.3 billion (USD 111 billion) as of 2010 [2].
By Nisha Koul, Research Associate
About The Co-operative Bank: The Co-operative Bank is a unit of UK-based consumer cooperative The Co-operative Group. Co-operative Financial Services, which encompasses The Co-operative Bank and The Co-operative Insurance, reported approximately 8 million customers and total assets of GBP 69.3 billion (USD 111 billion) as of 2010.
Sources and Additional Resources:
[1] The Co-operative Banking Group News, “Co-operative Bank spearheads new US$50m international investment scheme to support co-operatives in developing countries,” http://www.co-operativebankinggroup.co.uk/servlet/Satellite?c=Page&cid=1297413487876&pagename=Corp/Page/tplCorp&currart=1320049808901&currmth=11
[2] The Co-operative Financial Services, Financial Statements 2010, http://www.co-operativebankinggroup.co.uk/corp/pdf/CFS_Final2010.pdf
MicroCapital.org story, August 16, 2011, “MICROCAPITAL BRIEF: Microfinance Banks, Other Institutions Facilitate Financial Inclusion in Nepal; 54% of Households Now Within 30 Minutes Walk of Cooperative,” https://www.microcapital.org/microcapital-brief-microfinance-banks-other-institutions-facilitate-financial-inclusion-in-nepal-54-of-households-now-within-30-minutes-walk-of-cooperative/
MicroCapital.org story, March 8, 2011, “MICROCAPITAL BRIEF: Eighty Cooperatives in the Philippines Express Interest in Purchasing Weather-Index Microinsurance Offered by Coop Life Insurance & Mutual Benefit Services (CLIMBS), Munich Re, GTZ Venture,” https://www.microcapital.org/microcapital-brief-eighty-cooperatives-in-the-philippines-express-interest-in-purchasing-weather-index-microinsurance-offered-by-coop-life-insurance-mutual-benefit-services-climbs-munich-re/
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