USDA Grants WOCCU 26,610 Metric Tons of Wheat to Fund Project in Kenya
The United States Department of Agriculture
(USDA) recently granted WOCCU 26,610 metric tons
of wheat, equivalent to approximately US$4.6
million, to fund a four-year credit union
development project in Kenya. Proceeds
originating from the sale of wheat in Kenya will
be used to fund programs that support
rural and agricultural economic growth in the
face of the HIV/AIDS epidemic.
"This USDA project is a new model for WOCCU
pursue development through credit unions,"
Slover, WOCCU business development and technical
services senior manager, said. "This is an
integrated community development program driven
through credit union development."
While many aid organizations focus on
prevention, WOCCU's "Credit Union Modernization
Program" will target households and communities
already suffering from the effects of the
HIV/AIDS epidemic, which is greatly impacting
human resources, loan delinquencies and credit
risk in Kenyan savings and credit cooperatives
(SACCOs). Through the USDA funding, WOCCU will
provide technical and financial assistance to
of the largest SACCOs in Kenya.
Project staff will assist the SACCOs in
addressing the financial impact of HIV/AIDS at
the credit union level and introduce and develop
new products and services. WOCCU will help
individual educational development accounts—
educational grants deposited into a child's
savings account—to help families impacted by
HIV/AIDS finance their dependents' education.
Additionally, farmers will have access to
agricultural and agribusiness loans as well as
agricultural training to help build and support
WOCCU is currently implementing a program in
to help the government develop regulatory and
supervisory legislation for SACCOs and is also
setting up an office in Nairobi to bring
remittance services to Kenyan SACCOs.
World Council of Credit Unions is the global trade association and development agency for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.
World Council has implemented more than 290 technical assistance programs in 71 countries. Worldwide, 57,000 credit unions in 105 countries serve 217 million people. Learn more about World Council's impact around the world at www.woccu.org.