The Nepalese government is set to issue guidelines on cooperatives' merger by
mid-January with a view to further managing and strengthening the
cooperatives sector.
Currently, there are around 26,000 cooperatives operating across Nepal.
The guidelines are being prepared under the leadership of the Cooperatives Department with the objective of integrating the saving and cooperatives organizations in the urban areas and preventing them from financial bankruptcy.
Kedar Neupane, Registrar of the Department, said it was a working procedure rather than guidelines and the department was at the stage of issuing it within two weeks. Almost all processes for the cooperatives merger guidelines have been concluded, he added.
He said the big cooperative organizations have invested large amounts of their capital in the land and housing sector and the working procedure is expected to minimize the risk of financial crisis in these organizations.
There are some 11,000 cooperatives based in the urban areas and among those, around 5,000 are operational in Kathmandu, Lalitpur, and Bhaktapur districts.
As many as 60,000 people are directly employed by the cooperatives whereas around 600,000 have benefited from them. The total capital of the cooperatives has currently reached Rs. 250 billion.
Source: The Himalayan Times (29th Jan, 2013)
Currently, there are around 26,000 cooperatives operating across Nepal.
The guidelines are being prepared under the leadership of the Cooperatives Department with the objective of integrating the saving and cooperatives organizations in the urban areas and preventing them from financial bankruptcy.
Kedar Neupane, Registrar of the Department, said it was a working procedure rather than guidelines and the department was at the stage of issuing it within two weeks. Almost all processes for the cooperatives merger guidelines have been concluded, he added.
He said the big cooperative organizations have invested large amounts of their capital in the land and housing sector and the working procedure is expected to minimize the risk of financial crisis in these organizations.
There are some 11,000 cooperatives based in the urban areas and among those, around 5,000 are operational in Kathmandu, Lalitpur, and Bhaktapur districts.
As many as 60,000 people are directly employed by the cooperatives whereas around 600,000 have benefited from them. The total capital of the cooperatives has currently reached Rs. 250 billion.
Source: The Himalayan Times (29th Jan, 2013)
