A Memorandum of Understanding has been renewed between the Government of Newfoundland and Labrador and the Newfoundland-Labrador Federation of Co-operatives.
The Honourable Andrew Parsons, KC, Minister of Industry, Energy and Technology, announced the signing of the Memorandum of Understanding with Lloyd Hayden, President, Newfoundland-Labrador Federation of Co-operatives, during the Annual General Meeting of the federation in Clarenville this weekend.
The Memorandum of Understanding focuses on five components:
- Research and opportunity identification;
- Co-operative development in Newfoundland and Labrador;
- Co-operative development training modules;
- Co-operative development – business financing; and
- Public awareness and support.
The Newfoundland-Labrador Federation of Co-operatives is a non-profit, multi-sector provincial co-op federation serving co-ops and credit unions operating in the province. The federation actively promotes the co-op business model, supports the growth and development of rural communities through the delivery of co-op development programs and services, and represents the interests of its membership and the co-op business sector at both provincial and national platforms.
The Provincial Government has an ongoing commitment to advance co-operative development in the province. To this effect, the first joint five-year Memorandum of Understanding was initiated between the Government of Newfoundland and Labrador and the Newfoundland-Labrador Federation of Co-operatives in 2007. This was subsequently renewed in 2012 and 2017.
The Newfoundland-Labrador Federation of Co-operatives receives $100,000 Sector Partnership funding annually from the Department of Industry, Energy and Technology, under the Regional Development Fund, to support implementation of the organization’s annual business plan.
Quotes
“Co-operatives enable businesses and individuals to come together to fulfill market demands, create opportunities, and address sustainability. As a network of community-focused organizations providing several key services and creating millions of jobs across the world, co-ops are becoming a vital part of the economic ecosystem. Our Government is committed to advancing co-operative development in Newfoundland and Labrador.”
Honourable Andrew Parsons, KC
Minister of Industry, Energy and Technology
“The Newfoundland-Labrador Federation of Co-operatives is pleased with this Memorandum of Understanding with the Government of Newfoundland and Labrador, which supports opportunities to work collaboratively to promote and grow the co-operative and credit union sector in our great Province. It is an honor to work with our government and its officials to be able to support our existing co-ops and credit unions and deliver new opportunities of development and growth to new and emerging co-ops and credit unions. We look forward to a brighter future together.”
Lloyd Hayden
President, Newfoundland-Labrador Federation of Co-operatives
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Learn more
Newfoundland-Labrador Federation of Co-operatives
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