$150,000 WFCU grant helps 464 Ukrainian farmers acquire needed agricultural equipment
Purchase of more than 1,000 farm implements financed through an initiative facilitated by the USAID/WOCCU CAP Project
MADISON, WI (January 23, 2024) — A $150,000 grant program funded by Worldwide Foundation for Credit Unions’ (WFCU) Ukrainian Credit Union Displacement Fund and facilitated by the USAID/World Council of Credit Unions (WOCCU) Credit for Agriculture Producers (CAP) Project in early January helped 464 Ukrainian credit union member farmers finance the purchase of new agricultural equipment.
The two-year anniversary of Russia’s full-scale war in the country approaches with Ukrainian farmers having faced various challenges, including a lack of fuel, blocked exports and rising inflation. Those obstacles make farming more burdensome and less profitable, especially for small agricultural producers.
The $150,000 grant allowed credit unions to support small- and medium-sized farmers, a key membership base, by co-financing the purchase of agricultural equipment and tools to ensure they can continue producing crops and feeding their communities.
As a result, 464 agricultural producers purchased over 1,000 thousand tools, including a mini tractor, hay baler, cultivator and sowing machine.
“I would like to sincerely thank Worldwide Foundation for Credit Unions and the CAP Project for understanding the hard work of rural people and providing me with financial assistance to purchase the equipment I need to prepare wood for heating a greenhouse, where I grow vegetables,” said Volodymyr Metla, a farmer from Chernihiv Oblast and member of Credit Union “Koriukivska”.
Since February 2022, WFCU has raised over $1.8 million through its Ukrainian Credit Union Displacement Fund, implemented seven relief programs and launched three early recovery programs totaling nearly $1.5 million that have focused on providing assistance to Ukrainian credit unions and their members in wartime. For more information, please see the WFCU Relief Results report.
To donate to the Ukrainian Credit Union Displacement Fund, click here.
About World Council of Credit Unions
World Council of Credit Unions is the global trade association and development platform 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 300+ technical assistance programs in 90 countries. Worldwide, 82,758 credit unions in 97 countries serve 404 million people. Learn more about World Council's impact around the world at www.woccu.org.