MADISON, Wis. — The Bill and Melinda Gates Foundation has awarded the World Council of Credit Unions $6.7 million to support the Foundation's efforts to grow credit unions in Africa and Latin America. The Gates Foundation also awarded $2 million to the World Council's Worldwide Foundation for Credit Unions.
The money was awarded by the Gates Foundation's brand new Global Development Program, which is exploring how the use of microfinance can help alleviate poverty around the world.
"We are pleased to work with World Council of Credit Unions and the Worldwide Foundation of Credit Unions," said Sylvia Mathews, president of the Global Development Program for the Foundation. "This project represents an exciting opportunity to understand the potential of credit unions to serve new members that have been previously excluded from the financial system, and to significantly increase credit union membership of those living under $2 a day in Kenya, Rwanda and Colombia."
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