Letter to Representative Tom Lantos regarding Millennium Challenge Accounts
May 6, 2003
The Honorable Henry Hyde, Chairman
International Relations Committee
U.S. House of Representatives
2170 Rayburn House Office Building
Washington, D.C. 20515
Dear Chairman Hyde:
The Credit Union National Association (CUNA) and World Council of Credit Unions (WOCCU) would like to reiterate our support of the objectives of the Millennium Challenge Account (MCA), which the International Affairs Committee is scheduled to mark-up on Wednesday, May 7th.
In our previous letter, we urged that your committee consider the vital role that credit unions play in stimulating economic growth in low-income communities worldwide. We want to make sure that non-governmental organizations (NGOs) and private voluntary cooperatives (PVCs) have an opportunity to submit project ideas to the Millennium Challenge Corporation (MCC) and to have them funded as part of MCA grants.
Credit unions have maintained an impressive return on the investment of U.S. tax dollars. Overall - the investments in credit union institutional strengthening and micro finance projects have reached more than 4 million of the very poor in developing countries, totaling over $2 billion in accumulated savings and $1.5 billion in microenterprise loans. As member owned institution, credit unions have the ability to grow democracy in countries where very little self-determination has been possible.
Foreign assistance does have a constituency in the U.S., and it includes our organizations, representing 50 state credit union leagues, more than 10,000 credit unions and more than 82 million members in the U.S.
We look forward to the continued debate on the MCA and urge you to find ways to incorporate organizations like WOCCU in the process to be able to bid on available country funding.
|Daniel A. Mica|
President & CEO
President & CEO