Above photo: Venezuelan President Nicolás Maduro (left) next to Minister for Communes Ángel Prado (right), during an event with communal leaders in the 23 de Enero neighborhood in Caracas on March 5, 2025. Presidential Press.
With Revolving Capital Fund.
The minister for communes and social movements, Ángel Prado, has said that in light of the relaunching of illegal economic sanctions by the US empire, Venezuela is counting on the reactivation of the popular and communal economy through use of the Communal Banks.
“In the face of this new aggression from [forces of] imperialism,” he stated during the Assembly of Communes of the People’s Power this Wednesday, March 5, “in our Communal Banks we have funds that come from the surplus of the different social production companies that the El Maizal Commune has; previously, we invested those resources in infrastructure.”
Prado added that they prioritized the reinvestment of this surplus production to support small producers. “The people do produce, the people can generate a healthy, self-sustaining economy, with excellent management,” he explained.
The president of Venezuela, Nicolás Maduro, further emphasized that all Communes must be productive and self-sustainable.
“That is why I have created a special fund for Communal Banks,” said the president, “with a revolving capital that will have the equivalent in national currency of $10 million.” Additionally, he invited both public and private banks to join in the relaunching of the Communal Banks.
The head of state reported that his administration has obtained 50% of the resources for the second project of the first National Popular Consultation so far. “We are in the phase of the political revolution that has a fundamental line, the construction of direct and people-led democracy of the communal, territorial, and grassroots governments.”
The Mayor of Caracas, Carmen Meléndez, stated that “Caracas is fulfilling its promise, setting an example; almost 80% of the second [National Consultation] projects have already been funded in the different Communes and Communal Circuits of Caracas; next week we will reach 100%,” and added, “the people are fulfilling their promise, giving answers in each territory.”
Finally, the national leader reminded the audience at the assembly that on Sunday, April 27, Venezuela will hold its second Popular Consultation. He added that in the last two quarters of the year, the last two Popular Consultations scheduled for 2025 will be organized. He noted that youth and cultural organizations also have their own consultation pending, to choose their projects on a grassroots level.
“Popular Consultations must lead to the incorporation of the residents who have not participated,” he said, “direct, popular, socialist, modern democracy; that is true modernity.”