PHM-Exch> [worldbanktribunal] Launching of the Banco del Sur, September 2009

[Claudio Schuftan]

From: Ravi Narayan <chcravi at gmail.com>
From: World Bank Tribunal Secretariat <secretariat at worldbanktribunal.org>


 *BBC <http://news.bbc.co.uk/2/hi/business/7135397.stm>* announced the
launching of the Banco del Sur (or Bank of the South) to supersede the World
Bank and International Monetary Fund (IMF), seen by many as responsible for
failed policies in the region. This has been anticipated since early 2000.
This was also officially announced in Quito Ecuador as early as May 2007.

In March 2009 a number of Latin American nations agreed to contribute $7.0
Billion towards the bank's start-up capital. Venezuela, Argentina, and
Brazil are to contribute $2.0 B each, and Ecuador, Bolivia, Paraguay, and
Uruguay agreed to contribute varying amounts to provide the remaining $1.0
B.

Seven South American nations on Saturday September 26th 2009 signed an
agreement to create definitely a Bank of the South with start-up capital of
$20.0 B. Leaders including Brazilian President Luiz Inacio Lula da Silva and
Argentina's Cristina Fernandez formally signed on to the pact and announced
that the starting capital would be $20.0 B. It was unclear how much each
country would contribute. Each member will have one vote, irrespective of
its size or funding. Set up by Brazil, Venezuela, Argentina, Uruguay,
Paraguay, Ecuador and Bolivia, the Banco del Sur's headquarters are going to
be in Caracas, with offices in Buenos Aires and La Paz.
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