Ukraine Credit Union Sector Receives Boost
WOCCU & Vega Partner on USAID Funded CAP Project
November 17, 2016
UKRAINE—The credit union sector in Ukraine is getting a boost this year as the World Council of Credit Unions (WOCCU) starts to implement a new four year Credit for Agriculture Producers Project (CAP) which is supported by the United States Agency for International Development (USAID) under the Leaders with Associate Award granted to the Volunteers for Economic Growth Alliance (VEGA).
Specifically, the CAP Project will support a more transparent legal and regulatory environment for credit unions that respects cooperative principles and is in alignment with European Union (EU) standards. It will improve the collaboration between, and build the capacity of two primary national associations of credit unions in Ukraine, in putting forward a unified policy framework in front of Parliament and in supporting the apex organizations in providing consistent high-quality services to their credit union members.
The CAP Project will also help develop and promote improved agricultural loan products and services to expand farmers’ access to finance. In addition, CAP will introduce solutions for credit unions to mobilize savings and attract external capital to address liquidity constraints.
As WOCCU embarks upon this journey through the CAP Project, WOCCU will document innovative approaches and lessons learned to be shared with the wider credit union system in Ukraine.
Furthermore, the CAP Project will strengthen the capacity of Ukrainian credit unions to expand agricultural lending, which will increase employment and income opportunities in rural Ukraine. The CAP Project will tap into America’s best resource—its highly skilled citizens and spirit of volunteerism. A total of 64 volunteers from the U.S. and Poland, including Ukrainian diaspora, will provide high-level expertise and mentorship throughout the program. This person-to-person diplomacy will help forge responsive partnerships with Ukrainian counterparts for more sustainable results.
WOCCU will also work with several international partners including, PUM Netherlands, the Irish League of Credit Unions International Development Foundation Ltd. (ILCUF) and the National Association of Savings and Credit Unions of Poland (NACSCU), to leverage technical and regulatory expertise from each of these countries to strengthen Ukraine’s credit unions.
|For More Information, Please Contact|
|Stephanie Grell Azar
WOCCU Program Manager
VEGA Program Manager
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 300+ technical assistance programs in 89 countries. Worldwide, 68,882 credit unions in 109 countries serve 235,000,000 people. Learn more about World Council's impact around the world at www.woccu.org.
About Volunteers for Economic Growth Alliance
Volunteers for Economic Growth Alliance (VEGA) brings together its 25 member NGOs and their networks of more than 100,000 highly-skilled volunteers to partner with USAID to efficiently and effectively generate sustainable economic growth in the developing world. Over the past dozen years as an independent, non-partisan non-profit consortium, VEGA has made a lasting impact building peer-to-peer partnerships with people around the globe seeking self-reliance and opportunities to create more prosperity. On 57 programs in 46 countries representing $340 million in U.S. foreign assistance, VEGA has saved more than $30 million taxpayer dollars and nearly doubled the program value through cost share and leverage, including 39,813 hours of volunteer service. For more information about VEGA please visit www.vegaalliance.org.
This document was produced for review by the United States Agency for International Development. It was prepared by WOCCU for the USAID/Credit for Agriculture Producers (CAP) Project in Ukraine, agreement number AID-121-LA-16-00002