The Women's Development Bank (
Spanish: ''Banco Nacional de la Mujer'' or ''Banmujer''), was established in
Venezuela in 2001 to remedy the political, economic, and social disadvantages faced by women. The Bank offers both financial and non-financial services to women. The first President was
Nora Castañeda
Nora Castañeda (12 June 1942 – 16 May 2015) was a Venezuelan economist and activist who was President of the Women's Development Bank from 2001 to 2015.
Biography
She was born and raised by her mother as one of six children; her father plac ...
.
Financial services
The bank provides small, low-interest loans, known as
micro-credit loans, ranging from 500,000 to 1,000,000
bolívares (500 to 1000 bolívares fuertes,
US$
The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...
260 to $520) per woman, for the establishment of business ventures. Loans are not granted to individuals, but rather to groups of five to ten women. In this manner, the bank is ideologically aligned with
President Hugo Chávez
Hugo Rafael Chávez Frías (; 28 July 1954 – 5 March 2013) was a Venezuelan politician who was president of Venezuela from 1999 until his death in 2013, except for a brief period in 2002. Chávez was also leader of the Fifth Republ ...
, by promoting community solidarity over individualism, which is associated with capitalism. The bank has provided over 40,000 such loans since its establishment. The bank also offers financial advice to women, and serves as a consultant in the formation and development of business projects.
Non-financial services
The Women's Development Bank also offers a number of non-financial services. The bank provides administrative training for aspiring female entrepreneurs, as well as workshops on personal development, self-esteem, family planning and health. The workshops encourage dialogue within the community and stimulate a greater involvement of women in politics.
The Bank is distinct from other banks in that it does not have branch offices; rather, it consists of a network of supporters who visit 149 impoverished and over-populated areas on a weekly basis, and offer the bank's services to women who otherwise would not have access to banking services. Bank members also make house calls.
The Bank attempts to promote self-sufficiency, by minimizing the requirements to receive a loans. The bank offers direction to encourage the success of women's projects, but does not dictate how their businesses should be run. This presents a challenge to many marginalized women who are illiterate. In instances where women are illiterate or otherwise have difficulty in overseeing a business venture, a female family member or friend will oversee the project until the woman becomes literate. The Bank also directs women to
Mission Robinson
Mission Robinson is one of the Bolivarian Missions (a series of anti-poverty and social welfare programs) implemented by Hugo Chávez in 2003.
Name
The name "Robinson" was given to the Mission in remembrance of the Venezuelan philosopher and e ...
, a literacy campaign launched by
Chávez's government.
See also
*
Bolivarian Revolution
*
Economic policy of the Hugo Chávez government
An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the p ...
References
External links
*
Interview with Nora Castaneda, President of the Women’s Development Bank ''In Motion magazine'', April 30, 2005
{{DEFAULTSORT:Womens
Economy of Venezuela
Microfinance organizations
Organizations established in 2001
Banks of Venezuela
Organizations for women in business
2001 establishments in Venezuela
Venezuelan companies established in 2001
Banks established in 2001