Microfinance Cooperatives formed
The Micro Economic Development (MED) program of ADRA Mongolia organized a four day meeting for cooperatives to share experience, in Ulaanbaatar city. A total of 18 leaders from newly established cooperatives, Self Help Group members and people who were interested in establishing cooperatives participated in the meeting.
The Cooperative Training Center staff gave some lectures regarding cooperative law, regulatory environment, internal auditing, and management. Moreover, the participants were introduced to the “White Gold” cooperative operation which demonstrated how their newly learned lessons could be implemented into real practice. Small and medium enterprise supporter the ‘Business Incubator Center’ caught participants’ attention on sales and marketing issues and noted the opportunity for further cooperation with cooperatives.
Currently, three more Self Help Groups (SHG’s) have compiled all of the necessary documents according to Mongolian cooperative law and are awaiting permission to launch their cooperatives formally in Zavkhan province.
Five SHG’s in Selenge province and six SHG’s in Bayankhongor province have already shown their willingness to form cooperatives.
