Thread: Union of south American nations news/updates and info

Mercosur Bank of the South on track to its creation

Paraguayan President Nicanor Duarte and Mercosur ministers of Economy and Foreign Affairs decided Tuesday the creation of the Bank of the South, --an idea promoted by Venezuela—that should act as an alternative for world multilateral organizations such as the World Bank, IMF and the Inter American Development Bank.


The meeting in Paraguay’s capital Asuncion is being held in the framework of the fifth extraordinary meeting of the Mercosur Council, (Foreign Affairs and Economy ministers) in preparation for the Latin American leaders’ summit which is scheduled in Asuncion next month.

The future development bank, included in the Declaration of Asuncion will have equal representation and capital share from Argentina, Bolivia, Brazil, Ecuador, Paraguay, Uruguay and Venezuela. The initial capital is estimated between 300 and 500 million US dollars.

The main objective of the bank is to promote “developmentâ€

Union of South Am, A Development Tool

Quito, May 14 (Prensa Latina) Rodrigo Borja, executive secretary of the Union of South American Nations (UNASUR) declared that this organization will be an instrument at the service of the human and economic development of its member countries.


In a statement Monday on Ecuadorian TV, Borja reasserted that the nations want integration, and defended the ideological pluralism of its future members.



Borja, who assumed the UNASUR post on Wednesday, said that among his primary tasks are to revise proposed statutes and created various directive and operative bodies.



He emphasized that his work will contribute to lowering tension and decreasing differences between the governments.



"Borja pointed out that "UNASUR is becoming the trade union of South American countries, so they can operate in a terribly competitive world."



That means, he said, "arriving at a new step in the process of economic integration and eventually, political integration of our countries."



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