WOCCU’s Work Continues Despite Impacts of U.S. Foreign Aid Freeze

MADISON, Wis.—Due to the U.S. Department of State’s 90-day stop-work order on all USAID-funded international development projects, World Council of Credit Unions (WOCCU) has had to make the difficult decision to reduce its Global Programs’ staffing levels.  

However, that decision will not impact WOCCU’s International Advocacy work, nor its engagement, education and networking activities—including the 2025 World Credit Union Conference in Stockholm, Sweden, July 14-16. 

WOCCU was implementing three USAID-funded projects in seven countries when the stop-work order went into effect in late January, including: 

• The USAID GROW Program in Ukraine. This program served entrepreneurs, micro, medium and small enterprises (MSMEs), cooperatives and farmers in the rural areas of Ukraine. GROW provided critical liquidity funds for credit unions during the high agricultural season. For every dollar invested, this program was generating four dollars in capital to support Ukrainian credit union members.  

• The USAID Economic Program in Peru and Ecuador. This initiative stimulated credit union lending and savings to Venezuelan migrants and refugees and allowed them to integrate into their local economies. Based on a 2024 EIP study, more than 95% of the Project's 200,000 Venezuelan migrant and refugee beneficiaries wished to remain in their host country, and had established roots in their new communities.  

• The USAID Cooperative Development Program’s Accelerating Growth and Inclusion in Lending for Credit Unions in Burkina Faso, Guatemala, Kenya and Senegal. This project advanced the ability of credit unions to provide value to their members, create jobs and contribute to the economy through increased financing to entrepreneurs and small and medium enterprises (SMEs). With less than $10 million in U.S. Government funds, WOCCU had leveraged $2 million in private sector funding and would unleash $142 million in additional investment (loans) through credit unions. 

Due to local labor law restrictions, and in order to remain in compliance with the stop-work order, WOCCU had to reduce the staffing levels for our overseas' project staff, while moving its U.S.-based project staff to part-time as it waits for the review process to conclude. 

In a show of solidarity, all WOCCU employees will be taking one unpaid furlough day per month and working collaboratively in an effort to sustain the important development work of the organization to the benefit of its member credit union organizations and partners in these countries. 

“WOCCU is not closing its doors. All the services we provide to our member network of 80-plus national and regional credit union associations and other industry partners will continue without interruption. On the contrary, we invite everyone in our credit union movement to step up for WOCCU and engage with us, because we need you now more than ever. That includes joining us in Stockholm for our 2025 World Credit Union Conference. With the UN declaring 2025 the International Year of Cooperatives, we want credit union professionals everywhere to register for WCUC 2025 in a show of solidarity,” said Elissa McCarter LaBorde, WOCCU President and CEO. “We are facing a tough moment, but we are committed to continue our development work. WOCCU’s Global Programs will pivot, rebuild and continue to do the things we believe in, because they are based on the proven model of cooperative finance that both uplifts communities and brings a solid return for our investors and funders, including in the U.S. We remain committed to the cooperative movement and its work around the globe to advance financial access through credit unions and deliver measurable, long-term benefits for the communities they serve.” 

World Council of Credit Unions (WOCCU) is the apex association for credit unions and other global financial cooperatives. 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, 74,634 credit unions in 104 countries serve 411 million people. Learn more about World Council's impact around the world at www.woccu.org.

Contact: Greg Neumann
Organization: World Council of Credit Unions
E-mail: gneumann@woccu.org
Phone: +1 608-395-2048

Elissa McCarter LaBorde

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