[NYTr] Latin American Presidents Found Bank of the South
 
Date: Tue, 11 Dec 2007 22:23:33 -0600 (CST)

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Agencia Cubana de Noticias (ACN)
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Latin American Presidents Found Bank of the South

Havana, Dec 10, (acn) The Presidents of Brazil, Venezuela, Paraguay, 
Bolivia, Ecuador, Uruguay and Argentina officially founded the Bank of 
the South on Sunday aimed to sponsor regional projects.

The Bank of the South will open with an initial capital of seven 
billion dollars, coming from the seven member countries' international 
reserves, reports Granma newspaper.

After the signing ceremony, Bolivian President Evo Morales highlighted 
the historic importance of the moment and said it is also a good step 
towards the creation of a single currency.

Brazilian President Luiz Inacio Lula da Silva, called the event a 
decisive step towards regional integration to promote development in 
key areas such as infrastructure and social programs.

Lula announced that Uruguayan President Tabare Vazquez, who didn't 
attend the ceremony, would arrive Monday to sign the accord.

Lula expressed his hope that the other countries of the region join to 
make the institution advance. He noted that it will be the first bank 
truly controlled by the countries of the region and will lessen the 
dependence on the US dollar for commercial transactions.

Ecuadorian President Rafael Correa said the bank's founding is a step 
towards making the utopia of one America, envisioned by liberator Simon 
Bolivar. He said a new financial institution is being born to reverse 
the selfishness and subordination to the international organisms.

Nicanor Duarte, the Paraguayan president, said the Bank of the South 
opens a process of financial sovereignty, political liberation and 
cultural independence.

Venezuela's Hugo Chavez noted the coincidence of the meeting to found 
the Bank of the South with the anniversary of the Battle of Ayacucho, 
183 years earlier, when the independence heroes affirmed that unity is 
the only path to true freedom and self-determination.

The host leader, outgoing President Nestor Kirchner, recounted his term 
in office and the relations established with his colleagues. He thanked 
each of them for the close ties established to consolidate Latin 
American integration.

Among the main functions of the new bank will be financing development 
projects in key economic sectors to improve competitiveness and 
scientific and technological development.
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