Sunday, January 09, 2005

Ali Soufi: Cooperatives bank planned in Iran

Iran Mania News: "Cooperatives bank planned in Iran

Sunday, January 09, 2005 - ©2004 IranMania.com

LONDON, Jan 9 (IranMania) - Iran's Minister of Cooperatives Ali Soufi said that the cooperatives bank would certainly be established by March.

The Minister told ISNA that the State Expediency Council has authorized the cooperatives to participate in banking and insurance sectors.

He said a special committee has been set up by the Ministry of Cooperatives to follow up the issue.

The minister said 24 trln rials has been allocated for developing the cooperatives sector in the first year of the fourth development plan (2005-2010).

"The fund will be supplied by banks, the Cooperatives Fund and the Ministry of Cooperatives," he added.

Experts contend that a greater balance is required between the activities of the private and cooperative sectors. Cooperatives have some 13 mln members nationwide.

Economic interaction among members of cooperatives could help consolidate the national economy. The cooperative sector has had a successful record in meeting national demand for essential goods in the past two decades. The Ministry of Cooperatives submitted a plan to the government in April, based on which some 94,000 jobs could be created in the year to March 2005.

President Mohammad Khatami has ordered the implementation of the plan.

The ministry has also reached an agreement with the Ministry of Housing and Urban Development on the active participation of housing cooperatives in major construction projects. "

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