SVGCL donates $30,000 to Co-operative League of Dominica

The St Vincent and the Grenadines Co-operative League has made a donation of $30,000 to the Co-operative League of Dominica to be used for relief efforts, following the passage of tropical storm Erika, which ravaged the country in September.

“Co-operatives live out the philosophy {{more}}of people helping people every day and more so in times of disasters.

“I would like to take this time out to express our support for the people of Dominica as they work to rebuild their communities…,” president of the SVG Co-operative League Kelvin Pompey stated at the launch of Co-operative Month yesterday at the conference room of the Cooperative League.

Pompey said the funds handed over to Dominica were raised through donations from the different credit unions across St Vincent and the Grenadines.

During his address at yesterday’s launch, Pompey said the theme for the month of activities is ‘People helping people,’ which is a reminder of what binds the credit union family to their core beliefs of pooling our resources and uniting for our common goal.

The League president also stated that credit unions across SVG form a substantial base of the economy and adhere to democratic principles and sound financial management with both an internal and external regulatory system.

He also boasted about the high level of membership of Vincentians in credit unions.

“St Vincent and the Grenadines is at the top of the global ranking of countries with a penetration rate in credit union membership of 94 per cent,” Pompey said, adding that credit unions across SVG have a combined membership of 74,000 persons with 35 per cent of them being 25 years or younger.

Pompey said that at the end of 2014, credit unions across SVG had $38 million in capital, $360 million in savings, $320 million in assets and had $220 in loans outstanding.

St Vincent and the Grenadines currently has four credit unions, 15 general co-operatives and 87 general school co-operatives.

Activities for the month can be found on respective credit unions’ social media sites and the Co-operative League’s website, www.svgcl.org (CM)