The United States Agency for International Development (USAID) has launched a new GROW project to support Ukrainian credit unions, according to the USAID website.
“Through a partnership with the World Council of Credit Unions, USAID will expand support for Ukrainian credit unions, enabling them to provide more loans to businesses and individual entrepreneurs,” the report said.
The initiative begins this month and will last for the next four years. The initial investment of resources will be $5 million.
The GROW project will work closely with credit unions in Ukraine to create products and partnerships that will maximize credit union outreach to Ukrainians and positively impact local communities and local economies. The project will also increase access to finance for Ukrainians seeking to start their own businesses and businesses wishing to expand their operations, particularly for micro, small and medium enterprises, cooperatives and agro-producers in rural areas of the country.
In addition, the project will support Ukraine’s long-term priorities for further integration and EU accession, in particular harmonization of the regulatory framework for credit unions with relevant EU requirements.
