The European Union Tacis Project Credit Cooperatives Russian Federation

Project Goals

1/1 A conducive policy for the development of credit cooperation is established at federal and regional levels and a CC sector evelopment strategy established at federal level and at least in 3 regions with corresponding budgets and implementation mechanisms.

1/2 A legal framework governing credit cooperatives is established at Federal and regional levels to regulate at minima membership of judicial persons, registration, taxation, credit and savings products. Implementation and supervisory mechanisms are defined.

2/1 A Credit Cooperative Self-Regulatory Framework (SRF) with appropriate prudential rules, financial norms for financial products, savings / lending policies, internal controls & audits is established. Reporting mechanisms, forms are disseminated & implemented by supervisory body (Regional Cooperative Centres) in at least 30% of the CC. Internal Audits are conducted in at least 20% of CC.

2/2 First level cooperative representation in Apex structure is recorded at Federal and regional level for at least 40% of them. Apex develop a range of services to members such as access to training facilities, strategic develop and increase access to external sources of funds.

2/3 Existing cooperative training centres (and liaison bureau) initiated by FDRUS 9801 and others agencies are strengthened to meet CC needs and promote qualifications and skills among credit cooperatives through developed curricula.

3/1 The diversity (sub-sectors) and development stages (start-up, growing, maturate) of credit cooperatives are identified and at least 30% of CC are supported to reach the sector common sustainability standards on portfolio quality and management.

3/2 Dissemination of CC model distance learning and best practices lead to an annual growth of at least 2% of newly registered credit coops.