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Foreign Minister Maduro: Bank of the South to begin operations in second quarter of 2009

The Foreign Minister of the Bolivarian Republic of Venezuela, Nicolás Maduro, indicated that the Bank of the South is expected to begin operations in the second quarter of the year.

This statement was made from San Martín Palace, in Argentina, during the fifth meeting of the Permanent Venezuelan-Argentinean Mixed Commission.

The Foreign Minister said that in the meeting that was held, agreements were reached that put the finishing touches on the definitive foundational document that will allow the Bank of the South to commence lending.

“A meeting will be held in May, in Buenos Aires, with a technical team of Minister, and we are sure that the Bank of the South will commence operations in the second quarter of this year,” Maduro affirmed.

He further emphasized that there is a pending timeline for the development of the Bank of the South.  This timeline will set when each country has to provide funds for the Bank, and will establish a period for the consolidation of mechanisms to access credit in the first five years, among other things.

The fundamental points discussed in this fifth meeting of the Permanent Venezuelan-Argentinean Mixed Commission were trade and economic policies that will strengthen bilateral between the two countries.

Radio Nacional de Venezuela, Embassy of the Bolivarian Republic of Venezuela Press Office / March 26, 2009

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