World Council of Credit Unions’ (WOCCU) Senior Vice President of International Advocacy Andrew Price on May 31 outlined the various ways credit unions play a key role in growing financial inclusion for rural and underserved communities as part of a three-day United Nations Department of Social and Economic Affairs (UN DESA) Expert Group Meeting entitled “The Role of Cooperatives in Economic and Social Development: Supporting Cooperatives as Sustainable and Successful Enterprises.”
Price also spoke about the ways credit unions provide financing for small and grassroots cooperatives in an effort to help UN DESA support the role of cooperatives in economic and social development by informing the upcoming UN Secretary General Resolution on cooperatives.
“The work being performed by the United Nations will further strengthen the international consensus on the important role that credit unions and cooperatives can play in meeting the social goals of the world,” said Price.
More than a dozen representatives from academia, governments and cooperatives also discussed their works on different aspects of the cooperative ecosystem, and presented inspiring cases from Kenya, Rwanda, Uganda, Israel, Brazil, Spain, Canada, the United States and other countries.
The meeting established the important role for cooperatives as democratically controlled, community-based institutions in meeting social goals, while also noting the essential elements necessary for policy approaches that support their growth and development.
WOCCU will continue to engage with the group as the UN moves forward to finalize its Resolution on cooperatives.