CUNA calls for more funding for credit unions in developing countries

CUNA called on the Congress to increase funding for the Cooperative Development Program

The USA’s Credit Union National Association (CUNA) has written to the Congressional leadership to ask that more funding be allocated for the Cooperative Development Program (CDP),

Launched in 2001, CDP focuses on building capacity of co-operative businesses and credit unions to build social cohesion, stabilise economies, and empower local actors.

The programme, which is administered by the US Agency for International Development (USAID), concentrates on issues such as governance, member equity and capitalisation, financial management, market performance, legal and regulatory reform, gender inclusion and youth engagement.

CDP was allocated US$17n in FY20, an amount raised to US$20m in Senate Appropriations Committee legislation.

“During discussions with the Senate regarding omnibus spending legislation, we respectfully urge you to adopt this increased Senate funding level for the Cooperative Development Program,” read CUNA’s letter.

“In addition, we urge you to accept the corresponding report language that funds enacted in FY 2021 for the CDP that are in excess of the FY 2020 level be directed to ‘community-based credit unions in developing countries,” added the apex.

CUNA also argues that the World Council of Credit Unions uses CDP grants, “to promote co-operative businesses and co-operative systems for self-reliance, local ownership and sustainability.”

In this article: