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.



    • Show Comments (3)

    • Guest

      Nothing will happen !
      Dont dream and dont worry.

      2006 is an election year for Chavez, Lula and Kirchner.

      All these good projects will go to garbage after the elections. Unfortunately.

      From his side, Lula promised many many things before his elections. Few promises became reality.

      This is just marketing. Promises will remain promises !

    • Guest

      And who will take care of the chickens? The wolf?

    • Guest

      The Observer
      This is an excellent idea of the Brazilian Government which should have been thought about years ago.

      Anyway keep on with these constructive proposals.

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