MercoPress. South Atlantic News Agency

All ready for the launching this month of the South Bank

Technical teams from Argentina, Brazil, Paraguay, Bolivia, Venezuela and Ecuador agreed this week in Buenos Aires on the terms for the establishment and Foundation Act of the South Bank, reported Argentina's Ministry of Economy.
The teams held two full days of meetings Monday and Tuesday, with Chile acting as an observer.

The terms of establishment and the Foundation Act will be definitively polished and agreed during the coming Economy ministers summit scheduled for next June 28/29 in Asunción, Paraguay, in the framework of the half year Mercosur summit. The South Bank has been described as a financial institution ruled by International Public Law with the purpose of funding the economic and social development of the Union of Nations of the South, UNASUR, which is a political convergence supported by all twelve South American countries. During the Buenos Aires meeting the recent Asunción Act was confirmed which stipulates that each country will hold one vote in the board of the new bank. During the coming summit ministers will agree on the share contribution of each country member. The Venezuelan government, the main sponsor behind the South Bank initiative, wants the Foundation Act to coincide with the opening of the next edition of the Americas Football Cup next June 26 hosted by Venezuela. The bank is expected to have an initial capital of seven billion US dollars to be contributed as a percentage of the different member countries international reserves, according to the talks held in Buenos Aires. Venezuela originally wanted the South Bank to replace multilateral organizations such as the International Monetary Fund and the World Bank.