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| Tuesday, 27 April 2004 |
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Trincomalee corr. Chief Secretary, North East Provincial Council S. Rangarajah speaking at the signing of agreement between the North East Community Restoration and Development (NECORD) Project and nine Multi-Purpose Cooperative Societies in the North East Province said the North East Province (NEP) have two giants - the Local Government movement and the Cooperative movement. If these two could be awakened it can contribute towards a speedy and enhanced development in the NEP. He said the NEP could expect a major set back in the rural economy if the cooperative movement failed. Our primary aim is to review the rural economy through which the development in the rural areas will intensify. In this context the importance of the rural banks in the region is felt very essential. Action is now being initiated to streamline all micro credit programs and bring same to once regional bank to support the revival of economic activities. Project Director, NECORD, T. Lankanesan said the Asian Development Bank funded NECORD Project has spent about Rs. 1700m on rehabilitation, but he was not aware how much money has been channelled through rural banks to the resettlers. The NECORD Project aims to divert funds, through rural banks controlled by Multi-Purpose Cooperative Societies, in order to review the weakened rural economy. Hence the NECORD has launched a scheme to provide facilities to the rural banks with a view to review the rural economy. NECORD Project will also make arrangements to train cooperation and cooperative employees. Depending on the success of this scheme results of which is expected in four months more financial assistance will be made available through other donors. The nine MPCSs are to purchase the necessary equipment and distribute among all the rural banks functioning in the NEP. The NECORD Project released Rs. 10.4m to nine Multi-:Purpose Cooperative Societies: Ampara MPCS, Mannar MPCS, Kilinochchi North MPCS, Maritime Pattu MPCS, Mullaithivu, Addalachenai MPCS, Kalmunai, Eravur MPCS, Batticoloa, Trincomalee MPCS, Vavuniya MPCS and Kayts MPCS, Jaffna. |
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