MADISON, Wis.–The World Council of Credit Unions said it is “extremely concerned” about what effect Russia’s invasion of Ukraine will have on that country’s credit unions and on the Credit for Agriculture Producers (CAP) Project WOCCU is leading with funding from USAID.
“We are in regular communication with the Ukrainian National Association of Savings and Credit Unions (UNASCU) and the All-Ukrainian Association of Credit Unions to provide support where we can during this crisis,” said Elissa McCarter LaBorde, WOCCU’s president and CEO.
In a statement to CUToday.info, WOCCU said it will continue to coordinate with USAID and prepare contingency plans for CAP Project implementation activities, as well continued project administration. Any adjustments will be dictated by the changing realities on the ground to ensure the safety of our staff—many of whom are Ukrainian nationals, WOCCU added.
Moving Out of Country
“Per the January decision by the U.S. Department of State to evacuate U.S. staff and family members, we have temporarily moved our CAP Project chief of party and her family out of the country,” said LaBorde. “Our chief of party, who is not a citizen of Ukraine, will continue to work remotely to ensure the continuation of all project activities for as long as possible.”
World Council said it will continue to assess the situation in Ukraine on a continuous basis moving forward and will adjust its plans as necessary.
In its 2020 annual report, WOCCU said that despite the challenges of COVID-19, CAP reached its target of 10,000 loans over the life of the CAP project.
In addition, WOCCU reported 23 credit unions in the Agricultural Lending Working Group (AGLWG) increased agricultural lending by U.S. $7.3 million.
CUNA Statement
"America’s credit unions stand united with the Ukrainian American Credit Union Association (UACUA) and in expressing our deep desires for peace within Ukraine. The threat of escalating violence would further destabilize the country and displace millions more. We are praying for a swift end to hostilities in the region,” said CUNA President/CEO Jim Nussle in a statement. “UACUA represents 12 credit unions in the United States that serve over 100,000 members with close ties to family and friends in Ukraine. When the time comes, we anticipate Ukraine’s credit unions and UACUA will play a critical role in shoring up financial security for the people of Ukraine, and we will be ready to lend our support."'
NAFCU Statement
“Russia’s invasion of Ukraine is not only an attack on innocent lives and a clear violation of the country’s sovereignty, but a direct threat to democracy across the globe,” said NAFCU Prsesident/CEO Dan Berger. "NAFCU stands with the Ukrainian American Credit Union Association -- the 12 Ukrainian American credit unions and their more than 100,000 members -- who have family, friends, and colleagues in their home country. With over $4 billion in combined assets, these credit unions play an important role in the American economy. We join them in support of the Ukrainian people and our U.S. leaders and allies as they move to swiftly hold Russia accountable.“The entire NAFCU organization believes in the principles of peace, prosperity and freedom. As always, we will remain a helpful resource for the entire credit union community and their members as markets across the world undoubtedly respond to these reckless actions,” concluded Berger.