Thank you for your supporter commitment to the Worldwide Foundation for Credit Unions during 2016. I wanted to share with you some of what we accomplished in 2016 thanks to your support.
When conflict spread through Ukraine most banks withdrew from the conflict zones and the rural areas. Young men were drawn into the war or had to travel to other European countries to find work and send money to their families. Young women relocated to safer communities in western Ukraine.
Communities turned to their credit unions for funding agriculture, so farmers could get their crops in the ground. Small businesses also looked to their credit unions for financing to keep people employed. In partnership with the Polish credit unions and with your Worldwide Foundation support we were able to convince the Ukrainian government to improve the legislative regulatory framework to an empowering one.
We were able to leverage the commitment that you have made to access USAID funding to provide technical support to credit unions in Ukraine. Credit unions become a source of community stability during times of crisis as people on different sides of the conflict come together to see that their families are fed. We have in place now a four-year program to teach credit unions how to expand from simple consumer lending to more complicated and risky agricultural and small business lending.
With our Polish and Ukrainian colleagues, we have been able to present an updated credit union law before the Parliament, achieve the tax exemption for credit unions in Ukrainian tax law and set a framework for credit union regulation under the European Union framework.
Thank you for your support in enabling credit unions in Ukraine to stabilize communities which faced bleak prospects otherwise.
You contribute to a more stable world for us and our families.
President & CEO
World Council of Credit Unions