Foundation fund

$100,000 global grant launches agricultural loan program in Ukraine

Farm owned by a credit union member who benefited from the CAP project in 2017. (Photo credit: WOCCU)

The Worldwide Foundation for Credit Union (WFCU) on Wednesday unveiled a $100,000 grant package to provide targeted assistance to Ukrainian farmers as the country grapples with a growing food security crisis caused by the ongoing war in the Russia versus Ukraine.

In a statement released Wednesday morning, WFCU officials said the grant money for Ukraine’s agricultural loan repayment program came from money donated to the Displacement Fund of Ukrainian Credit Unions which opened days after the Russian army attacked Ukraine in February.

The WFCU grant will go to nearly 600 Ukrainian farmers to repay 10% of their agricultural loan principal repayments. According to the WFCU, Ukrainian farmers must meet two conditions to receive aid:

  1. Issued by a credit union partner of World Council of Credit Unions Farmer Producer Credit (CAP) Projectan activity funded by USAID.
  2. Issued by a credit union that does not operate in an active conflict zone.

“In an ever-worsening global food crisis, WFCU is doing its part to support Ukrainian farmers who are members of credit unions who are at ground zero, facing both economic hardship and resource constraints” , said Mike Reuter, executive director of the WFCU.

The WFCU said it will “monitor the impact of the repayment program and communicate the results for individual farmers and the collective program to the 1,500 Displacement Fund donors from across the international credit union community.”

So far, nearly $1.7 million has been raised for the Displacement Fund since it was announced at this year’s CUNA GAC in Washington, DC, according to the WFCU.

The Foundation also announced that other assistance programs are being developed to use money from the Ukrainian Credit Union Displacement Fund “to solve specific problems of credit unions and members” that have been created. by the Russian military invasion.