Co-operatives have launched an initiative to raise $50 million (US) to help finance co-operatives in developing countries.
Following the launch of the International Year of Co-operatives at the United Nations in New York City, the Global Development Co-operative was launched at an evening reception in the city, which plans to provide access to low cost loans for capital and infrastructure projects.
The fund will target investors with an interest in international development and extending the reach and benefits of the co-operative model. The investment concept has been developed by the UK’s Co-operative Bank — part of the Co-operative Group — and the International Co-operative Alliance.
Among the early investors committed to the initiative are the All China Federation of Supply and Marketing Co-operatives, Credit Cooperatif of France, SOK Corporation from Finland and IFFCO of India. Midcounties Co-operative as well as the Co-operative Bank from the UK have also pledged their support.