What You’ll Learn
- Get an overview of Salal’s support for the World Council of Credit Unions and the Ukrainian Credit Union Displacement Fund.
In times of crisis at home and around the globe, the credit union movement has shown it can come together to improve lives and provide hope. Russia’s February 2022 invasion of Ukraine threw Ukrainian people, businesses, and financial systems into crisis literally overnight. In response to the Ukrainian crisis, the World Council of Credit Unions organized the Ukrainian Credit Union Displacement Fund. Salal Credit Union was proud to be one of the first credit unions in the U.S. to donate to this fund.
What is the World Council of Credit Unions?
The World Council of Credit Unions (commonly known as WOCU) works to advance financial inclusion through the credit union and cooperative model by engaging in international advocacy, development, education, and networking that empowers underserved populations, and promotes more equitable and resilient communities. The Council is active in 118 countries. WOCU’s Executive Director, Mike Ruder recently spoke to Salal staff about the Ukrainian Credit Union Displacement Fund and how Salal’s support is making a difference.
The Ukrainian Credit Union Displacement Fund was launched by WOCU in February 2022. Since then, credit unions from all over the world have donated to the fund, helping raise around $1.8 million for the cause. The main goal of the fund is to help ease both short and long-term impacts of the war to Ukraine’s credit union system, and by extension, those that look to it for support, including employees, members, and displaced people.
Here’s a look at some of the key impacts the fund has had in collaboration with NGOs on the ground in Ukraine:
- $1,8M+ raised.
- Funding 7 relief programs,
- 90+ credit unions have access to relief programs.
- 285 alternative power sources co-financed.
- 1,200+ farmers got 10% of their loans reimbursed.
- 8,000 internal refugees received humanitarian aid.
- 17,000+ gallons of diesel fuel disbursed to farmers.
- $50,000 grant for building shelters in central Ukraine.
Support for important causes like the Ukrainian Credit Union Displacement Fund is made possible by Salal members. We’re grateful for the impact you make every day by being a member of Salal Credit Union. To learn more about Salal’s charitable giving efforts, visit our Community Impact page.