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WOCCU Asks Secretary of State Rubio to Honor Existing USAID Funding Obligations

Letter from President and CEO Elissa McCarter LaBorde stresses importance of USAID financial inclusion projects implemented through credit unions

February 03, 2025

MADISON, Wis.—World Council of Credit Unions (WOCCU) President and CEO Elissa McCarter LaBorde on Monday sent a letter to U.S. Secretary of State Marco Rubio stressing the strategic importance of the USAID-funded financial inclusion projects WOCCU implements through credit unions in eight countries and asking he honor USAID's existing funding obligations.

"USAID funding has allowed us to leverage millions of dollars of private capital through credit unions to increase the incomes of individuals, create jobs, support local economies and deliver what has become a global movement of self-sustaining, local financial institutions that do not depend on aid, but rather mobilize domestic savings and make people’s money work for them. By fostering economic self-reliance through trusted financial institutions, USAID and WOCCU help counter economic desperation, crime and instability—stemming further illegal immigration to the United States. At WOCCU, we believe in foreign assistance programs that deliver measurable, long-term benefits for both the developing world and the American people. However, the nature of this sudden blanket freeze on aid has put organizations such as ours in a precarious financial and legal position, and it has put our employees—American citizens here and abroad—at significant personal risk," reads a portion of the letter.

McCarter LaBorde sent the letter one week after USAID issued stop work orders on all three of WOCCU's current USAID-funded projects at the direction of the U.S. Department of State. 

"We urge you to honor the equitable adjustments for existing obligations of funding for organizations that have been put under duress with little guidance on how to recover their immediate operating costs, and honor payments still pending for work completed prior to the stop work orders," wrote McCarter LaBorde.

You can view the full letter to Secretary Rubio here.



World Council of Credit Unions (WOCCU) is the apex association for credit unions and other global financial cooperatives. 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 90 countries. Worldwide, 74,634 credit unions in 104 countries serve 411 million people. Learn more about World Council's impact around the world at www.woccu.org.

Author Photo
Contact: Greg Neumann
Organization: World Council of Credit Unions
E-mail: gneumann@woccu.org
Phone: +1 608-395-2048
 
Elissa McCarter LaBorde
Elissa McCarter LaBorde

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