VHeadline.com - Bank of the South will open for business in the second half of this year

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Published: Thursday, March 26, 2009
Bylined to: VHeadline Venezuela News

Bank of the South will open for business in the second half of this year

VHeadline Venezuela News: Foreign Affairs (MRE) Minister Nicolas Maduro has told reporters that plans for the Bank of the South are already a reality after a meeting at which it was decided the bank will open for business in the second half of this year.

The Finance Ministers of Argentina (Carlos Fernandez), Bolivia (Luis Arce), Ecuador (Diego Borja), Paraguay (Dionisio Borda), Uruguay (Alvaro Garcia) and Brazil (Guido Mantega) attended the t the inauguration of the 5th Bi-lateral Venezuela-Argentina Mixed Commission in Buenos Aires where Argentinean Foreign Minister Jorge Taiana said "There will be a follow-up meeting in May, by which time the plan will be entirely finished by a technical team in Buenos Aires."

Venezuela, Argentina and Brazil will contribute US$6 of the bank's initial $10 billion funds ... while Bolivia, Ecuador, Uruguay and Paraguay will cover the rest according to Venezuelan Finance Minister Ali Rodriguez Araque.

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