The Council of Ministers has decided to invest Frw5billion in “Umwarimu Sacco,” Cooperative.
Due to teachers complaints about the interest rate; it was reduced from 14% to 11%.
“So teachers can diversify their sources of income, instead of relying solely on their monthly salary,” said the Minister of Education Vincent Biruta in a press briefing.
The government plans to invest 30 billion Rwf in this cooperative during the next ten years so that 50,000 teachers have access to credit at a very low rate.
Cooperative “Umwarimu Sacco” does not include private school teachers, rather, those of public schools.
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