Uzbekistan Project Introduces Ag Equipment Leasing
Madison, WI—The United States Agency
International Development (USAID) recently
increased funding to the World Council of Credit
Unions' Rural Savings and Credit Union
Development Project in Uzbekistan by $1.4
million—bringing the total to $5.7
million—and extended the existing project
to September 2008.
The change incorporates the introduction of
agricultural equipment leasing services to four
project-supported savings and credit unions.
As a first step, World Council and the
Uzbekistan Credit Union Association successfully
lobbied to amend the Credit Union Law to allow
savings and credit unions to supply agricultural
"Agricultural equipment leasing through
unions is a strategic intervention to provide
long-term agricultural finance without the
typical collateral and contract enforcement
problems," said Normunds Mizis, recent World
Council project director for Uzbekistan.
World Council has been involved with credit
union development in Uzbekistan since 1998. Its
technical assistance and support led to the
passage of credit union legislation in 2002.
Today, 32 credit unions in 11 regions of the
country—with a membership of nearly
50,000—belong to the national association
that World Council helped model after those in
USAID administers the US foreign assistance
program providing economic and humanitarian
assistance in more than 80 countries
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.