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COSSEC signs agreement to support DomRep co-op system

The Public Corporation for the Supervision and Insurance of Puerto Rico Cooperatives (COSSEC, in Spanish) announced the signing of a collaborative agreement with the Institute for Cooperative Development and Credit (IDECOOP, in Spanish) that will facilitate the establishment of educational strategies to promote cooperative development in the Dominican Republic.

“A few weeks ago, we established communication with the Hon. Opinio A. Díaz, Consul General of the Dominican Republic in Puerto Rico and the British and American Virgin Islands to explore the possibility of establishing collaboration agreements with IDECOOP and I’m pleased to be able to make this agreement official,” said COSSEC Executive President Mabel Jiménez.

“This makes us part of the development of educational seminars and establishes direct communication channels between Puerto Rico and the Dominican Republic,” she said, of the agreement that was signed June 10.

Díaz said the signing of the agreement “strengthens the cooperative sector in the Dominican Republic and opens a window of opportunities to work with initiatives that empower the diaspora and result in mutual benefit between both jurisdictions.”

IDECOOP supervises 828 co-ops in the Dominican Republic. The entity will use the agreement to ensure that the Dominican Republic’s co-op system “is not affected by the phenomenon of money laundering and financing of terrorism and others within the scope of our competence,” said entity Administrative President Franco de los Santos.

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This story was written by our staff based on a press release.

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