Ukraine GROW | World Council of Credit Unions

Ukraine

GROW Project

Increasing credit union investment in MSMEs
2024 - 2028

Project Overview

The GROW Project (2024-28) will expand access to finance through credit unions for individuals seeking to start a business, and for existing businesses looking to expand their operations. The Project will engage with credit unions to improve and expand their services for entrepreneurs, micro, medium and small enterprises (MSMEs), cooperatives and farmers in the rural areas of Ukraine.

To facilitate this, the GROW Project will:

increase credit union liquidity to make business financing more available.
improve the enabling environment for credit union operations.
deepen the technical capacity of credit unions to provide and promote their financial services.
address the specific challenges of women and other vulnerable populations in accessing financing for business development.

World Council of Credit Unions (WOCCU) will work closely with the United Credit Unions (UCUs) in Ukraine, specifically the Ukrainian United Credit Union and the United Credit Union of the Ukrainian National Association of Savings and Credit Unions, to improve processes, products and partnerships that maximize credit union reach and positively impact local communities and economies.

As the regulatory environment of Ukraine’s credit unions continues to shift to align with the European Union (EU), WOCCU will also work with the credit unions to adapt to new and upcoming prudential regulations.

The GROW Project will build on the successes of the USAID/WOCCU Credit for Agriculture Producers (CAP) Project in Ukraine (2016-2024). The CAP Project and WOCCU’s International Advocacy team were instrumental in providing extensive analysis, feedback and advocacy input for a 2024 law that allowed Ukrainian credit unions to provide financing to businesses and other legal entities for the first time in the country’s history.

The GROW Project also seeks to raise public awareness about the overall benefits credit unions provide, and to implement activities that will improve financial literacy for new and existing credit union members as the sector expands its reach. GROW will also strive to implement a cross-cutting approach to integrate gender across its activities.