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Co-operatives assets surge to Sh1 trillion

Co-operatives assets surge to Sh1 trillion

The multi-billion shilling co-operative sector has the financial muscle to undertake some of the mega projects outlined under the Vision 2030, a senior government official says.
Principal Secretary for Co-operatives Ali Noor Ismail said savings and co-operative societies (SACCOs) control an asset base of about Sh1 trillion, resources enough for the sector to invest in viable institutions identified for privatization.
Since the government launched the development blueprint in 2008, it has been mobilizing resources from large private sector players and donor community.
Further, Ismail discloses that strategies are being explored to have SACCOs listed on Nairobi Securities Exchange (NSE) to enable them raise more finances to undertake the projects. Listing, he says will also open up the credit unions to new investors.
Ismail told People Daily the movement has gained necessary strength to pool resources together to undertake new businesses.
“Co-operatives should be encouraged to apply the co-operative principle on co-operation among various players by pooling resources together either through ventures or mergers,” he said.
The pooled resources, he added, will provide adequate finances necessary to implement mega projects including infrastructure developments like metropolitan light rail systems, power generation and distribution, roads, modern housing estates and mining. 
Ismail says the Sacco sub-sector has mobilized domestic savings in excess of Sh600 billion and its Sh1 trillion asset base is enough to finance construction of 25 Nairobi-Thika superhighway at a cost of Sh32 billion each.
Co-operatives, the PS said are currently controlling over 30 per cent of national savings and contributing over 40 per cent of the Gross Domestic Product (GDP).

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