The President of the Republic, Luis Abinader, reported on Thursday about the creation of 72 new cooperatives at national level, through multiple decrees.
“Luis Abinader Corona, signed on Thursday the decrees numbers 242-21, 243-21, 244-21, 245-21, 246-21 and 247-21, containing the incorporation of 72 new cooperatives throughout the national territory”, I was reading statement by the Presidency.
In that document, the presidency also stated that the aim of this decree is to encourage economic development in areas related to productive activity in the country.
Cooperatives incorporated in decrees represent a wide variety of commercial and productive activities, such as agriculture, transport, banana and fruit producers, multiple services, savings and loans, production and employment, among others.
According to the statement, cooperatives are associations of people who come together voluntarily to form an organization that manages economic funds, following prior agreement between their members.
These entities assist their members in their social, economic and cultural aspirations.
The Dominican state intervened in the correct management of cooperatives through the Institute of Development and Credit Cooperative (Idecoop) in 1963.