CARACAS, Thursday October 18, 2007 | Update
Some members of the new Bank of the South will hold talks
on the new institution next Tuesday in Washington, following
meetings with the International Monetary Fund and the World
Bank, said Thursday a think-tank responsible for the organization
of the event.
The meeting, hosted by the Center for Economic and Policy Research (CEPR), will include the participation of Venezuelan Minister of Finance Rodrigo Cabezas, Bolivian ambassador to Washington Gustavo Guzmán and possibly other ministers of the member nations, Reuters reported.
"We resolved to hold this event because we think that the Bank of the South will provide an additional source of funding in Latin America," said CEPR spokesman Dan Beeton. According to the agenda, the ministers of Economy of Ecuador, Argentina and Brazil were invited also to the forum.
Thus far, the Bank of the South includes Venezuela, Bolivia, Ecuador, Uruguay, Paraguay, Brazil and Argentina. Last week, Colombia expressed willingness to join the effort.
Earlier in October, ministers of Economy of the seven countries completed in Rio de Janeiro the bank's articles of incorporation. However, no agreement has been reached as to the shareholders' equity and the contribution modality for each member nation.
02:57 PM. HEAVY RAINS. Venezuelan Executive Vice-President Elias Jaua reported that the government is designing plans to support farmers, cattlemen and peasants of the state of Mérida who have been hit by heavy rains that have caused crop losses.