The L'Amitie Cooperative Credit Union Ltd, aiming to provide financial support to persons and families in need, was launched yesterday at L'Amitie during a ceremony organised by the Ministry of Business, Enterprise and Cooperatives. The Minister of Business, Enterprise and Cooperatives, Mr Soomilduth Bholah, and other personalities were present at the event.

In his address, Minister Bholah emphasised that Cooperative Credit Unions serve as catalysts of development in society and added that they have a turnover of around Rs 2 billion per year. This, he pointed out, clearly indicates that Credit Unions enhance the socio-economic development of the country.

Moreover, he underlined that the Cooperative Credit Unions provide loans to vulnerable people, in particular those who are not eligible or encounter difficulties to get loans from banks and other financial institutions. There exist around 160 Credit Unions in the country which have positively impacted on the life choices of many families as well as improved the quality of their life, he pointed out. Several vulnerable families and persons have been able to benefit from financial and other benefits provided by the Credit Unions and have thus been able to undertake major professional, personal and educational projects, he added.

Minister Bholah reiterated that Government recognises the valuable contribution of Credit Unions in widening the financial scope of members of the community. He lauded the initiative of L'Amitie Cooperative Credit Union Ltd and encouraged the setting up of similar institutions across the island.

Source: Republic of Mauritius