BRIDGETOWN, Barbados – The co-operative sector is playing a pivotal role in driving economic growth in Barbados, according to Oriel Doyle, chair of the International Year of Co-operatives (IYC) 2025 Committee, at a recent press conference outlining plans for the upcoming year.
Doyle highlighted that over 180,000 Barbadians are actively engaged in the co-operative movement, urging non-members to consider joining. He underscored the need for increased recognition of the sector’s vital contributions, especially in challenging economic times.
“During periods when financial institutions struggled to extend support, the credit union sector emerged in the 80s and 90s, fulfilling the financial needs of many Barbadians,” Doyle stated. “Our goal this year is to showcase the crucial role co-operatives have played and will continue to play in maintaining a stable economic environment for all.”
According to Doyle, the co-operative sector affects the daily lives of more than 90 percent of the population. He shared that Barbados is home to 24 credit unions and 26 active co-operatives, collectively making substantial contributions to national development.
The sector provides employment for an estimated 3,000 individuals and issues billions in loans, demonstrating its importance within the local economy. “Equally significant is the democratic and transparent nature of co-operatives, which enhances the financial and services landscape of our island,” he added.
Regarding the IYC 2025, Doyle announced that local officials have begun forming a national committee with plans underway to invite two representatives from each co-operative organization in Barbados. This committee will be tasked with planning and executing a series of activities to mark this significant celebration, including a National Co-operative Symposium scheduled for Wednesday, March 5.
