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Banco del Sur enters in operation as a financial alternative

Caracas, 12 June.- Representatives of member countries of the Banco del Sur today held in Caracas the First Meeting of Ministers of the institution, which starts as an institution that seeks to become an alternative to the multilateral public financing in the region.

 

"It is a historic event for the life of South America and Latin America and also (...) the doors are open at the Banco del Sur also to other fraternal countries (...) became part" of the institution, said Ecuadorian Foreign Minister Ricardo Patiño, at the opening ceremony of the meeting.

 

Patiño, who led the broad Ecuadorian representation at the meeting, said that "progress in Latin America will be tremendously enhanced by the birth of this wonderful institution."

 

 

The Banco del Sur is an initiative of the late Venezuelan President Hugo Chavez that was formalized in February 2007 when he signed the memorandum for the creation with the then Argentine president, Nestor Kirchner, , with the goal of becoming an alternative to multilateral institutions of credit.

 

To the initiative of Venezuela and Argentina subsequently they joined Brazil, Bolivia, Ecuador, Uruguay and Paraguay, all represented at today's meeting except the latter country, which saw suspended its participation in regional mechanisms after the impeachment of President Fernando Lugo in 2012 .

 

At the initiative of Venezuela and Argentina subsequently joined They Brazil, Bolivia, Ecuador, Uruguay and Paraguay, all at today's meeting Represented UNLESS the Latter country, Which saw participation in regional ITS suspended after the impeachment of Mechanisms President Fernando Lugo in 2012.

 

Patiño stressed that "this moment has been dreamed by millions of Latin Americans" and recalled that the Banco del Sur adds another mechanism such as the Unique System of Regional Compensation (Sucre), currency of financial use to make business transactions.

 

"This first meeting of the Council of Ministers of the Banco del Sur, according to the agreement established (...) shall appoint the members of the Executive Board of the Audit Board and the Administrative Council," he said.

 

"He spoke of capital, the States have corresponding assets, the management board is installed and the presidents (of partner countries: Argentina, Brazil, Bolivia, Ecuador, Uruguay and Venezuela). Shall be communicating to decide the Bank president," added the Minister of Finance of Venezuela, Nelson Merentes.

 

Merentes did not specify the amount of capitalization of the bank, but said it will be nourished  "in phases" by the members of the entity.

 

"Remember that this is in phases. In the first, each country will put a percentage (of the contribution that should give the bank). To us belongs $80 million, for the first few days, then will go capitalizing" said Venezuelan minister.

 

It is planned that in the course of the day the ministers will approve the operating regulations of the Cabinet and schedule of capital contributions, as well as start the process of appointing authorities bank, reported EFE.

 

Source: www.bancaynegocios.com

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Address: Av. Tamanaco de la Urbanización El Rosal,

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