New fund launched by co-operative movement

A new fund has been launched by the co-operative movement to provide financial support for communities across the world, create sustainable economies and rebuild after a crisis.

The Fund for International Co-operative Development (FICD) has been developed by a number of UK co-operatives including the Co-op Group.

Organisers said the fund reflects the principles of the Rochdale Pioneers, who launched the first co-operative 180 years ago.

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Threats

Paul Gerrard, of the Co-op Group, said: “There have been few times in history where the world has faced so many threats – be it from conflict, climate change, or poverty.

“But in times of crisis and reconstruction, co-operatives have proven to be powerful vehicles for hope and peace. From Rwanda to Guatemala, co-operatives have rebuilt communities, showing that peace is possible through democratic, inclusive enterprise.”

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Pride

Paul Waugh, Labour and Co-operative MP for Rochdale, said: “It’s a constant source of pride in Rochdale that we are the birthplace of the Co-operative movement. But co-ops are a living, breathing thing, not a relic of the past.

“This new fund underlines the global nature of our mission. It is also a reminder that one of the original seven Rochdale principles was to ‘advance the common good’. That is as important in 2024 as it was in 1844.”