Venezuelan President Hugo Chavez and visiting Argentine counterpart Nestor Kirchner announced Wednesday the forthcoming creation of the Banco del Sur, a regionally controlled multilateral lender intended to end South America’s dependency on institutions based in rich countries, writes The World Bank Press Review.
– All countries (of South America) can join whenever they want. That is, Banco del Sur is being born bilaterally, but without abandoning the multilateral philosophy, which is clearly the one we’re intending, the one we want and what is our ultimate aim, Kirchner said at a joint press conference with his host.
Chavez confirmed that other regional ‘governments can join it … in any phase,’ adding that the bank will commence operations officially ‘120 days from today (Wednesday).
Bolivia, Brazil and Ecuador will be the first to join the initiative, Chavez predicted.
The main headquarters of the bank will be in Caracas, Chavez said. Venezuela’s socialist president, who for several years has been proposing the bank, up to now without success, added that now it is up to the central bank of each country to place with the Banco del Sur part of its international monetary reserves.
Kilde: www.worldbank.org
