Brazil Gets Its Own Port on the Pacific

Presidents Morales, Lula and Bachelet The second week of December will see the launching of two major regional projects in South America. Both are designed to boost the region's economic integration. Chile, Bolivia and Brazil will formally announce the start of construction work on the bi-oceanic Atlantic-Pacific corridor linking the three nations on December 11.

Two days prior the Bank of the South will open in Argentina with the purpose of financing development requirements of South American nations.

The bi-oceanic venture will bring together the presidents of three countries in La Paz, capital of Bolivia, to finally launch the three-nation link after a decade of discussions. The presidents are Chile's Michelle Bachelet, Brazil's Luiz Inácio Lula da Silva and Bolivia's Evo Morales.

The 2,600-kilometer (1,615-mile) corridor will be funded by public and private sectors of the three nations. Chile is providing US$ 50 million in seed money for the conditioning of existing highways and railways.

The corridor will be used as a two-way highway for regional exports to Asia, Europe and the rest of the continent. Brazil will have a direct option to the Pacific and similarly, but to the Atlantic, Chile and Bolivia.

In spite of the ongoing political problems in Bolivia, Chile's Foreign Relations Ministry confirmed the December 11 launching ceremony.

On December 9 the Banco del Sur will be officially launched in Buenos Aires. Although originally scheduled for last June the date was postponed several times on differences over shares and participation percentages.

The brainchild of Venezuelan president Hugo Chavez, the South bank should help finance development and infrastructure projects as an alternative to the classic multilateral organizations such as the World Bank or the Inter American Development bank.

Most South American countries have joined the project with the exception of Chile and Peru. The bank will have its main offices in Caracas and La Paz.

The bank launch will be followed on December 10 by the taking office ceremony of Argentina's elected president Cristina Fernandez Kirchner, wife of current leader Nestor Kirchner.

Seven presidents have confirmed their presence at the bank's official launching: Argentina's outgoing Nestor Kirchner; Venezuela's Hugo Chávez; Brazil's Luiz Inácio Lula da Silva; Ecuador's, Rafael Correa; Bolivia's Evo Morales; Uruguay's Tabaré Vázquez and Paraguay's Nicanor Duarte Frutos.

The initial capital was agreed in US$ 7 billion, but contribution of each country member still has to be decided. The board of directors will be made up of Finance and Economy ministers from member countries.

However differences remain regarding contributions: one group believes they should be equal and another which would like to see them proportional. But voting rights in the board will be equal for all country members.

Mercopress

Tags:

You May Also Like

Brazil Reiterates Support for Venezuela

The head of Brazil’s Presidential Civilian Advisory Staff, Minister José Dirceu, met, yesterday, with ...

As Result of Graft Scandal Brazil’s PT Gets a Set of New Directors

Brazil’s Minister of Education, Tarso Genro, will resign from the cabinet in order to ...

With an Eye on Reelection Brazil President Is Back on Twitter After Three-Year Silence

The president of Brazil, Dilma Rousseff, is breaking close to three years of silence ...

Brazilian Sound: You Play What?

José Eduardo Gramani (1944”“1998) was a violinist, fiddler, composer, conductor, musical scholar, and professor ...

Varig Ticket Holders Stranded in the US Can’t Go to Brazil

Passengers in the United States holding Varig tickets have been abandoned by that bankrupt ...

This Brazilian Is a Jewel Designer to Sheikhs and Top Models

In love with Arab culture, the source for inspiration of her creations, Brazilian jewelry ...

Brazil’s MST Brings the Country to the Cities

Three years ago, 65 Brazilian families left the city to live out a new ...

Brazil Expecting Record Grain Crop, Up 5% from Last Year

According to Conab, the Brazilian Supply Corporation, Brazil expects the coming 2009/2010 grains crop ...

Indians Take Over Main Road in Brazil’s Amazon and Start Charging Toll

First a throng of more than 1,000 Indians took over, for ten days, a ...

Brazil’s Gay Rights Advancement Shows Declining Church and Thriving Activism

The Brazilian Supreme Court’s recognition of same-sex unions in early May marks the latest ...

WordPress database error: [Table './brazzil3_live/wp_wfHits' is marked as crashed and last (automatic?) repair failed]
SHOW FULL COLUMNS FROM `wp_wfHits`