Despite having some of the largest oil and gas reserves in the world, Venezuela’s economy is heavily dependent on exports. And though the percentage of the population living below the poverty line has dropped dramatically in the past decade, poverty still affects about one third of the all Venezuelans.
In the 1960s, Accion began as a grassroots community development initiative in 22 shantytowns in Venezuela. Though our approach has changed over the years, the driving force behind our mission remains the same: serving hardworking men and women left behind by the world’s economic systems.
We have continued to work in Venezuela and have played a key role in the establishment of our partner BanGente, the first commercial bank serving small and microenterprises in Venezuela. Accion provided support in the implementation of the bank’s credit methodology, a model that emphasizes both solidarity group and individual lending and facilitated its consolidation into a fully functioning credit institution. Since BanGente's founding in 1999, Accion has continued to support the bank’s microcredit activities, serving on the board of directors and facilitating collaboration with international associates.