June 15, 2006
200 Community banks take first steps

(Presidential Press Office) - "President Hugo Chávez thinks community banks strengthen the creation of real self-government mechanisms, whose foundations are the communities and not particular or individual interests.

In order to show that the path towards the XXI Century Socialism is possible, the Venezuelan Head of State put the Community Banks' members under oath and granted funds to 5 beneficiaries representing the first 200 community banks.

The event held at the Teresa Carreño Theater, in Caracas, is the result of an arduous process in the community organization - originated in the Venezuelan population - that is promoted to strengthen projects created by the people and that make possible for them to become promoters, controllers and builders of the nation's development and growth.

The Venezuelan government's goal is to create 800 community banks in 2006; that is the reason why the Venezuelan President announced a USD $224 million investment. These popular organizations become the financial branches of the Community Councils; they also are part of a new step towards the integration between Venezuelan people and the government to build a new homeland.

The total investment allocated to set this project in motion amounts to USD $ 280 million for each community bank. At the event, 50% of the resources were granted. Each institution received an initial amount of USD $140,000.

Community Banks are about organized communities carrying out projects in different fields. Such projects must be evaluated and approved in citizens assemblies so that they can be financed by the new institutions comprised and managed by the Venezuelan people.

The Venezuelan President reminded that these institutions embodying popular power must not become branches of governors' and mayors' offices, or political parties; they must be the first enemies of these trends and of the creation of elite groups.

President Chávez stressed the need of completely achieving the goal of empowering the people as the only way to eliminate poverty. In this sense, he added that it is necessary to declare war on calamities such as corruption, bureaucracy, inefficiency, failure and misery".