The United States Agency for International Development (USAID) has begun implementing a new GROW project to support Ukrainian credit unions, according to the USAID website.

"Through a partnership with the World Council of Credit Unions, USAID will expand its support to credit unions in Ukraine, enabling them to provide more lending to firms and individual entrepreneurs," the statement said.

The initiative begins operation this month and will last for the next four years, with an initial $5 million investment.

The GROW project will closely collaborate with credit unions in Ukraine to create products and partnerships that ensure maximum coverage of Ukrainians with credit union services, positively impacting local communities and the local economy. The project will also expand access to financing for Ukrainians seeking to start their own businesses and for businesses looking to expand, particularly for micro, small, and medium-sized enterprises, cooperatives, and agricultural producers in rural areas.

Furthermore, GROW will also support Ukraine's long-term priority for further integration and accession into the European Union, specifically by harmonizing the regulatory framework for credit union activities with EU requirements.