The World Council of Credit Unions (WOCCU) has announced the continuation of the USAID Cooperative Development Program’s initiative, “Accelerating Growth and Inclusion in Lending for Credit Unions,” which operates in Burkina Faso, Guatemala, Kenya, and Senegal. This decision comes despite a recent 90-day stop-work order issued by the U.S. Department of State that affects all USAID-funded international development projects.
This program enhances the capacity of credit unions to serve their members, generate employment, and boost the economy by increasing access to financing for entrepreneurs and small and medium enterprises (SMEs). With an initial investment of less than $10 million from the U.S. government, WOCCU has successfully attracted $2 million in private-sector funding and anticipates generating an additional $142 million in loans through these credit unions.
As a result of the U.S. government’s directive, WOCCU has been forced to decrease staffing levels in its Global Programs and transition U.S.-based project staff to part-time roles while awaiting the outcome of the review process. All WOCCU employees will also take one unpaid furlough day each month as part of a collaborative effort to maintain the critical development work that benefits member credit unions and partners in these regions.
Elissa McCarter LaBorde, WOCCU’s President and CEO, emphasized that: “WOCCU is not closing its doors. All services provided to our network of over 80 national and regional credit union associations and industry partners will continue uninterrupted. We invite everyone within the credit union movement to support WOCCU during this challenging time, especially by joining us for the 2025 World Credit Union Conference in Stockholm as we mark the UN-designated International Year of Cooperatives.”
Despite the current difficulties, WOCCU remains resolute in its commitment to development work, stating that its Global Programs will adapt and persevere, focusing on the cooperative finance model that empowers communities and delivers returns for investors and funders in the U.S. The organization also confirmed that its international advocacy efforts, educational, and networking initiatives—such as the upcoming 2025 World Credit Union Conference—will not be affected by the stop-work order.
Prior to the order, WOCCU was managing three USAID-funded projects across eight countries, including:
– The USAID GROW Program in Ukraine, which supported entrepreneurs, cooperatives, and farmers in rural areas by providing essential liquidity funds to credit unions during peak agricultural seasons. This initiative is said to generate four times the investment capital for credit union members.
– The USAID Economic Program in Peru and Ecuador, which facilitated credit union lending and savings for Venezuelan migrants and refugees, helping them integrate into their new communities. According to a 2024 EIP study, over 95% of the program’s 200,000 beneficiaries wished to remain in their host countries and had established strong ties to their new environments.
