The U.S Agency for International Development (USAID) approved an extension of World Council of Credit Unions Credit for Agriculture Producers (CAP) Project in Ukraine through March 2023.
The extension will allow the CAP Project to continue improving the regulatory environment for credit unions in Ukraine, extending more credit union loans to the country’s farmers and agribusinesses—and working with credit unions to improve their liquidity.
Originally established in 2016, the CAP Project has expanded access to agricultural credit by:
The new regulations, as well as the transfer of credit union supervision to the National Bank of Ukraine as of July 1, 2020, is setting the stage for improved safety and soundness in the country’s credit union market, building a foundation for long-term growth and increased access to finance.
Revised project goals
Building on that progress, the CAP Project will continue to help grow the capacity of Ukraine’s credit union sector by pursuing the following four objectives:
The CAP Project will partner with the National Association of Co-operative Savings and Credit Unions, Poland’s national credit union association, to support development of a credit union liquidity fund in Ukraine. In addition, World Council's Global Women’s Leadership Network will assist in implementing a gender-lens methodology for all four of the CAP Project’s objectives.
“We are thrilled to continue our work in Ukraine. The nation’s credit union system is much stronger than it was when the CAP Project began in 2016. By continuing our work to build and strengthen credit union capacity, provide more loans to the country’s growing agricultural sector, I have no doubt Ukraine’s credit union movement will continue to head in positive direction,” said World Council President/CEO Brian Branch.