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Argentina, Brazil and Venezuela to contribute $6 billion to the Bank of the South

Of the $10 billion in initial capital that the Bank of the South will have, Venezuela, Argentina and Brazil will invest $2 billion each for the establishment of this important Latin American financial institution.

This announcement was made by Alí Rodríguez Araque, Minister of People’s Power for Economics and Finances, who also indicated that Bolivia, Ecuador, Uruguay and Paraguay will contribute scaled amounts of around $1 billion each.

Minister Rodríguez also revealed that a new technical and ministerial meeting will be held in Buenos Aires, Argentina, during the first week of May.  Immediately afterwards, there will be a presidential summit that will definitively install the Bank of the South.

Following a Caracas meeting on Monday of ministers from countries belonging to the Bank at the Venezuelan Foreign Ministry, Rodríguez characterized it as exceptional since pending key points were resolved that will lead to progress in the establishment of this financial institution.

He explained that the seven countries participating in the creation of this body fully agree that Latin America is being called on to take a more important role in international affairs.  For this, the governments of the Bank countries consider it indispensable to fully advance in the process of regional integration.

“Within the process of integration, energy unity, which has been advancing, physical integration, which implies the construction of railways, roads, and port and airport facilities that will serve as new lines of connection between our countries, as well as highly relevant issues such as financial integration all jump out,” the Minister indicated.

Rodríguez added that the Bank of the South will also support the productive capacity of member countries, thereby strengthening the public and private sectors through policies implemented by different countries.

The founding act of the Bank of the South was signed in late 2007 by Argentina, Brazil, Bolivia, Ecuador, Paraguay, Uruguay and Venezuela with the aim of deepening a South American identity in monetary terms and boosting the production of the region to achieve complete independence from the imperialist model.

Agencia Bolivariana de Noticias, Embassy of the Bolivarian Republic of Venezuela Press Office / March 24, 2009

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