International Cooperative Banking Association

22 May 2020

The International Cooperative Banking Association reported that the Polish National Cooperative Council developed multiple measures to support cooperatives. This included accessing exemptions for cooperative employees from paying social security contributions and for cooperatives to be exempt from taxes and levies in Q2 based on the percentage of loss in income. Further, the Cooperative Bank of Kenya donated US$1 million to the government of Kenya to help to contain spread of COVID-19. Cooperative Mortgage Bank of Nigeria donated medical aids to one of the states affected by the virus with an advisory to stay safe and stay committed to defeat COVID-19. Cooperative Credit & Banking Sector India was also making a financial contribution. The National Federation of State Cooperative Banks (NAFSCOB) in India released a statement that declared the cooperative model is the “right vehicle for reviving the economy during/post pandemic time.” This highlighted their support to the Government to rehabilitate 700 street dwellers (destitutes) permanently and contribute INR 20 million to the Chief Minister’s Disaster Relief Fund.