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ALBA
New Bank President
Caracas - Venezuelan President Hugo Chávez,
appointed Cesar Augusto Giral as regular director of
the Bolivarian Alternative For the Americas (ALBA)
Bank and authorized him to exercise his presidency,
according to the appointment carried out by the
Directive Board.
The appointment, published in the Official Gazette,
said that Giral was appointed by the Directive Board
on July 7.
The new president replaces Bernardo Álvarez, who
returned to his position as the Venezuelan
Ambassador in the United States at the beginning of
this month, for an agreement between both
governments.
Álvarez had been expelled last year from Washington
in September in the midst of a bilateral diplomatic
crisis caused by the hostility of then US President
George W. Bush toward Venezuela and Latin America.
Giral is a member of the Commission of
Administration of Foreign Currencies, executive
secretary of the Fund of National Development and
president of the National Treasure Bank.
The ALBA Bank, created in 2008 with capital of a
billion dollars and authorized capital of two
billion dollars, has a presidency exercised by an
executive director with rotational character.
The contributions are made by the ALBA members, in
correspondence with an individual analysis and in
dependence of their possibilities.
The institution was created to give answers to
necessities of the member countries, in opposition
to the financial institutions and its conditions.
Among the previsions of the bank there is a bigger
conjunction with the financial fund of Petrocaribe,
to increase the economic potential for investment,
employment, agricultural development, tourism and
trade among the members.
ALBA is comprised of Antigua and Barbuda, Bolivia,
Cuba, Dominica, Ecuador, Honduras, Nicaragua, Saint
Vincent and the Grenadines and Venezuela.
Petrocaribe is formed by Antigua and Barbuda,
Bahamas, Belize, Cuba, Dominica, Grenada, Guatemala,
Guyana, Haiti, Honduras, Jamaica, Nicaragua,
Dominican Republic, Saint Kitts and Nevis, San
Vincent and the Grenadines, Saint Lucía, Suriname
and Venezuela. |
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