ConocoPhillips worked with NGO to support financial services in Venezuela

In 2006, ConocoPhillips worked with Fundefir, an organization with wide experience in developing bankomunales- small neighborhood banks in low-income areas where there are no formal financial services.

This initiative, which encourages communities to fund micro-businesses cooperatively, has created four bankomunales in the Gulf of Paria area, with almost 500 members in total (including 300 women). These bankomunales have given more than $250,000 in loans to local businesses, many of which focus on traditional handicrafts and candies, providing opportunities to promote both economic development and the Warao culture.

Further information


Partnership types

Project funding; Provision of services / personnel

Regions / countries / territories

Americas: Venezuela

Global issues

Arts and culture; Community development; Job creation and enterprise development; all (4)