CoBank Announces $250,000 Contribution to NRECA International
Donation Supports Rural Electrification Projects in Developing Countries
DENVER (March 02, 2020) — CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced that it will contribute $250,000 to support NRECA International’s rural electrification projects in developing countries.
“The work of NRECA International has changed many lives,” said Thomas Halverson, president and chief executive officer of CoBank. “Electrification provides equality of opportunity across many aspects of life and it allows individuals, families and communities around the world the chance to thrive.”
For 58 years, NRECA International has developed programs that promote economic prosperity in developing countries through technical assistance and training in rural electrification. The organization designs distribution grids, constructs lines, and applies a set of standards that meet very specific community needs.
“CoBank has been a strong supporter of NRECA International, providing more than $1 million in support over the past five years,” said Dan Waddle, senior vice president, NRECA International. “We are deeply grateful for their generosity and belief in our mission. We look forward to our continued partnership and the opportunities it will create for rural communities around the world.”
NRECA International is the main charitable arm of the National Rural Electric Cooperative Association, a national trade association representing more than 900 local electric cooperatives across the United States. CoBank’s support helps to bring NRECA International’s global rural electrification projects to fruition and supports the volunteer efforts of U.S.-based rural electric cooperatives that generously donate the time and expertise of their own employees to help transition many of these projects from opportunity to reality. A portion of CoBank’s financial gifts help to defray the total cost of volunteer projects, thus reducing the amount of financial support each cooperative is required to provide on their own.
CoBank is a $145 billion cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. The bank also provides wholesale loans and other financial services to affiliated Farm Credit associations serving more than 70,000 farmers, ranchers and other rural borrowers in 23 states around the country.
CoBank is a member of the Farm Credit System, a nationwide network of banks and retail lending associations chartered to support the borrowing needs of U.S. agriculture, rural infrastructure and rural communities. Headquartered outside Denver, Colorado, CoBank serves customers from regional banking centers across the U.S. and also maintains an international representative office in Singapore.