Agência Brasil*
Buenos Aires (Argentina) – Among 18 agreements signed yesterday (21) between Argentina and Venezuela the most prominent was the establishment of the Bank of the South, to finance development projects of poor countries in South America. The idea was raised by Venezuelan president Hugo Chávez.
Chávez and the Argentine president, Néstor Kirchner, pointed out the importance of the Bank of the South. One of the main objectives of the bank will be the financing of the pipeline between Bolivia and Argentina.
The Venezuelan head of state provided details about the constitution of the new financial organization, which will have an initial capital of US$ 1 billion and will take 120 days to be established and have its statutes signed.
"All the governments of Latin America are invited," stated Chavez. He added that the head offices will be in Caracas, the Venezuelan capital, and that there will be a branch in Buenos Aires. The Venezuelan president stated that Evo Morales, the Bolivian president, and Rafael Correa, of Ecuador, have already stated their intention of participating in the Bank of the South.
*Translated by Mark Ament
