Cooperative Bank of Oromia hosted its first-ever Cooperatives’ Expo

The cooperative bank of Oromia hosted its first-ever cooperatives’ expo at Adama, Galma Abba Gada intending to enhance the capabilities of exemplary unions and cooperatives.

At the event, 14 cooperative unions, showcased their diverse products on the expo. Besides, business-to-business (B2B) ties were developed by cooperatives and unions. The bank commemorated Cooperatives’ Day with a theme “Cooperatives for Building a Better World”.

Value-added and exportable goods like coffee, cracked corn, wheat, corn, barley, and corn flour were on show at the expo. Various products and technologies, like machinery for washing and grinding coffee, were also amongst that were showcased by the cooperatives. The product and technology vendors acknowledged the event advertised their goods and forge B2B connections. A documentary has been produced and presented in such a way that it explores the success of three primary cooperatives from the time of their founding to the current day so that other cooperatives can learn from their experience.

In his opening remarks, the Cooperative Bank of Oromia’s president, Mr.Deribie Asfaw, said the bank has supported the work of farmers in different aspects. Mr. Deribie added that currently, the bank has a portfolio of more than 9.7 billion in outstanding loans for cooperatives and farmers. It is mentioned that this is the first bank in Ethiopia to provide such an amount of money. It is explained that the bank has dedicated one percent of its annual profit to training primary cooperatives and unions. For this, the bank has spent more than ETB 25 million in the last three years.

Mrs. Meseret Assefa, the head of the Oromia Cooperative Promotion Agency (OCPA), stated that the government has prioritized cooperatives and unions since the agency’s inception. Mrs. Meseret responded that the government has provided primary cooperatives and unions with the necessary support, and they have been fulfilling their social responsibilities, and observing visible changes in the sector. Finally, she extended her appreciation and acknowledgment to the Cooperative Bank of Oromia for the financial and technical support it has provided to the primary cooperatives and the unions.

During the event, the Coopbank rewarded various awards to primary cooperatives and unions that have shown outstanding achievement during the 2021/22 FY. The bank awarded PCs and unions engaged in export activities and generated FCY, deposits, capitalized shares, loan status, and special category consideration. The bank has donated ETB 10 million to be spent on the capacity-building activity of the Oromia Cooperative Promotion Agency (OCPA) employees and management so that they can better support the cooperative sector. In addition to that, the best-performing zonal offices of the agency have been awarded. The award items at the event included a wide range of items such as office equipment; from desktops and printers to motorbikes.