25 November 2009
Argentina, Brazil, Paraguay, Uruguay, Ecuador, Bolivia and Venezuela signed an agreement on Monday inaugurating a new regional development bank which will lend only to member countries for projects implemented in South America.
Source: Business News Americas
November 24, 2009
The law creating regional development bank Banco del Sur was published in Venezuela's official gazette on Monday (Nov 23), government news agency ABN reported.
The agreement creating the bank was signed by Argentina, Brazil, Paraguay, Uruguay, Ecuador, Bolivia and Venezuela, the report said.
Banco del Sur is authorized for up to US$20bn in paid-in capital, divided into 20,000 ordinary shares, each worth US$1mn, while subscribed capital is US$7bn, divided into 7,000 ordinary shares, and will increase as determined by the bank's board of directors, on which each country will have an equal voice, according to previous reports.
The bank will lend only to member countries for the execution of projects within South America.
The new bank will be headquartered in Caracas and have regional offices in La Paz and Buenos Aires.
Chile, Colombia and Peru declined to join the bank.