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Venture Credit Union, Couva Main Road. INSET: Chief Operating Officer of the Co-operative Credit Union League Diane Joseph.

The role of credit unions and the cooperative society is becoming more relevant in the growth and development of our society, vice president of the Central Finance Facility Lyndon Byer has said.

Byer made the statement in the CFF’s post-budget forum.

“He urged members to be more cognisant of the fact that the CFF needs their support when it came to compiling pertinent data to develop strategies to guide the movement as a whole, to be able to play the more effective role with which it was now being charged,” a release from the CFF stated.

CFF president Letitia Telesford said she and her board, were pleased to hear of youth entrepreneurship initiatives announced in the budget as these are consistent with proposals submitted by the CFF to the Ministry for Youth Development and National Service.

“These proposals included initiatives for our credit Union Movement to mentor youth cooperatives who engage in import substitution and export earnings,” the release stated.

Minister for Youth Development and National Service Foster Cummings in his address titled “Building Financial Health for a Brighter Tomorrow” which focused on youth diversification and entrepreneurship said, “This is well-aligned with CFFs resilience-building initiatives with the non-financial cooperatives and the counselling support provided to displaced young persons,” the release stated.

The CFF said such diversification is at the core of its Project 2020 initiatives which can be exemplified in its Technological Committee’s digitization project with the IDB.

“As concern for our younger generation grows, the Honourable Minister highlighted how his Ministry was in a position to strategically promote the work being done by the CFF and the credit union movement as a whole. He affirmed that this was of particular significance for the Ministry and related it to Vision 2030, stipulating that it was a key factor in the nation’s post-COVID-19 recovery,” it stated.

Participating in the panel discussion were development economist Dr Marlene Attzs, economist and lecturer Dr Vaalmikki Arjoon and Business Development and marketing manager at CLICO Credit Union Aklima Beekham-Maharaj.