Minister for Cooperatives and Poverty Alleviation Ambika Basnet has said that the cooperative sector has made a significant contribution in poverty alleviation.
Inaugurating the 25th annual general meeting of National Cooperative Federation of Nepal here Thursday, Minister Basnet lauded the NCFN's contribution in poverty alleviation by issuing a loan in the cheap interest rate for marginalized and target groups.
She talked that the cooperative has made people aware to develop the habit of saving, group formation and unity in collective works by creating feelings of economic prosperity, sustainable development, collaboration and unity.
Bakhanpur Cooperative Committee of Chitwan is the first cooperative institute established in Chaitra 20, 2013 BS.
As per the latest data of Department of Cooperatives, a total of 34,512 different types of cooperatives including saving and credit, agro, dairy, tourism and seeds are in operation.
The National Cooperative Federation Nepal, the guardian organization of around 35,000 cooperatives, was established in 2050 BS. The NCFN has Rs 73.17 billion share capital and more than 60,500 people have got employment there. The NCFN has Rs 302 billion savings.
On the occasion, NFCN president Keshav Badal presented the annual report and shed light on the future program.
