Venezuelas Chavez, Six Others OK Bank Of The South
President Hugo Chavez of Venezuela and six other South American leaders have signed a deal to move forward on the creation of a so-called Banco del Sur (Bank of the South), which could eventually have more than 20 billion US dollar in capital according to the president.
The bank will open its doors with 7 billion dollar in capital, Venezuelan Finance Minister Ali Rodriguez said Saturday during a joint Africa-South America summit. Argentina, Brazil and Venezuela will each deposit 2 billion. Ecuador and Uruguay will deposit 400 million each, while Bolivia and Paraguay will deposit 100 million each.
In related news, Hugo Chavez and Libyas Muammar Gaddafi urged African and South American leaders on Saturday to strive for a new world order countering Western economic dominance. – The world is not the five countries on the UN Security Council, Gaddafi said.
Chavez made diplomatic inroads while offering African countries Venezuelas help in oil projects, mining and financial assistance. Venezuela signed agreements to work together on oil projects with South Africa, Mauritania, Niger, Sudan and Cape Verde.
Chavez’s government agreed to partner with South Africas state oil company PetroSA in developing oil fields in Venezuela, and offered to help with oil projects in the other countries. Venezuela also intends to form joint mining companies with nations including Namibia, Mali, Niger and Mauritania, Chavez said.
Kilde: www.worldbank.org
