Brazil Studying Creation of South American Development Bank

During their summit, Thursday, January 19, in Brazilian capital BrasÀ­lia, presidents Luiz Inácio Lula da Silva, Néstor Kirchner and Hugo Chávez discussed the possibility of creating a development bank for South America.

According to Chávez, the institution could be called the South Bank, or Bank of the South (Banco do Sul), and would finance social and economic projects in the region.

"It would be another step toward the independence we want so much", affirmed the Venezuelan leader.

In a joint declaration, the presidents of Brazil, Argentina and Venezuela ordered their economic area ministers to study the proposal.

The Brazilian minister of Foreign Relations, Celso Amorim, declared that the idea of a South American financial institution was undoubtedly a good one.

"We are engaged in a large number of important infrastructure projects throughout South America that need financial support," he said, adding that work would begin on the details immediately.

ABr

Tags:

Ads

You May Also Like

Brazil Petrobras’s Deep-Sea Perilous Games with Treasury Funds

The Brazilian authorities have portrayed a complex issue of huge significance as a simplistic ...

Haiti Consul in Brazil Blames Quake on Voodoo and Curse Africans Have

Unaware he was being recorded, the consul of Haiti in Brazil, George Samuel Antoine, ...

Brazil Cuts Key Interest Rate by 1%. Workers Wanted 2 %

The Brazilian Central Bank (BC) reduced its benchmark SELIC interest rate a full point ...