The Credit Union National Association (CUNA) is urging Congress to allocate $50 million in funding for the U.S. Agency for International Development’s (USAID) Cooperative Development Program (CDP) for fiscal year 2023.
The CDP, a global initiative focusing on building the capacity of cooperative businesses system, received $18.5 million in funding in fiscal year 22.
“This year, we respectfully urge you to increase the funding for these programs to $50 million,” CUNA officials wrote to Congressional leaders. “Additionally, we request support for [the World Council of Credit Unions’] short-term and long-term relief and rebuilding efforts in the Ukraine and surrounding regions vis-à-vis credit unions and their financial infrastructure that are working to address increasing food security issues and other economic needs in that war-torn country and around the world.”
CUNA is also asking Congress to support USAID’s existing partners in Ukraine, particularly credit unions. Officials pointed out that the World Council’s USAID-funded Credit for Agriculture Producers (CAP) project has worked with credit unions to keep institutions open since the Russian invasion began in February.
“Credit unions, even during the invasion, are engaged in agricultural lending as it is planting season (this will help address food insecurity issues),” the letter stated. “The CAP Project can support the rebuilding of Ukraine in a post-war environment (and during the invasion) to promote economic growth and resilience in rural areas working through its local network of credit unions and partners.
CDP activities have supported more than 500 cooperatives and credit unions with a combined savings of $495 million through the program’s life.