South American
Leaders Sign Agreement
Creating South Bank
Porlamar, Venezuela -
The presidents of Argentina, Brazil,
Paraguay, Uruguay, Ecuador, Bolivia and
Venezuela, signed on Saturday night an
agreement establishing the South Bank with
an initial capital of us$20 billion
dollars.
Venezuelan President Hugo Chavez announced
the creation of the South Bank during the
second Summit of South America-Africa (ASA),
which began earlier Saturday on the island
of Margarita, northeastern Venezuela.
The new bank will fund programs for economic
and social development in the member states.
It will also create and promote national
financing funds, among other functions.
The document was signed by Luis Inacio Lula
da Silva of Brazil, Cristina Fernandez of
Argentina, Rafael Correa of Ecuador, Tabare
Vasquez of Uruguay, Fernando Lugo of
Paraguay, Evo Morales of Bolivia and Hugo
Chavez of Venezuela.
During the summit, the Venezuelan president
also proposed to his African counterparts
the creation of a regional bank between
South America and Africa.
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