NECORD to revive rural bank system in northeast

[TamilNet, Saturday, 17 April 2004, 00:01 GMT]
The Asian Development Bank (ADB)-funded North East Community Organization for Restoration and Development (NECORD) has formulated a scheme at a cost 10.4 million rupees in collaboration with North East Provincial Department of Co-operatives to strengthen the co-operative rural banks in the war-torn province, thus reviving the rural economy devastated in the two-decade-old war, sources said.

Under the scheme, NECORD is to assist 99 co-operative rural banks in the northeast province to strengthen their capacity and to provide credit and advance facilities in their respective areas on par with other commercial banks, sources said.

NECORD Project Director, Mr.T.Lankaneson, will sign agreements with nine co-operative unions in the province on Monday to launch this project. The event is to take place in Trincomalee at the auditorium of the Provincial Health Ministry, sources said.

The number of co-operative rural banks for each district in the Northeast province follows:

Jaffna district- 30
Killinochchi - 06
Mullaitivu - 06
Vavuniya - 04
Mannar - 06
Trincomalee -09
Kalmunai- 12
Amparai- 10
Batticaloa- 16