Institutions
Bank of the South
The announcements of the inauguration of the first Latin American office of the planned Bank of the South and the adhesion of three new member countries have come as a direct challenge to the Northern based IFIs struggling to remain relevant to the region.
Updates and Resources
Bank of the South Formalized, Aims to Expand to $20 Billion
(Press Clipping, 29 September 2009) The Bank of the South, a project finance bank of South American countries, will start with $7 billion in capital and will grow to $20 billion, the Venezuelan Finance Minister said.
Argentina, Brazil and Venezuela to increase their contributions to the Bank of the South
(Press Clipping, 28 September 2009) Argentina, Brazil and Venezuela will raise their contribution levels to the Bank of the South to 4 billion dollars each. The bank's incorporation charter was signed yesterday by seven South American governors.
The economic crisis frustrates Latin America's efforts to establish the Bank of the South
(Update, 10 March 2009) Only a year ago many governments in Latin America expressed their desire to separate themselves from the World Bank and IMF loans. But, because of pressing financial needs, many Latin American governments have been forced to consider accepting funds from multilateral banks. In many ways this change has hindered the creation of the Bank of the South.
World Social Forum 2009
(Update, 3 February 2009) For the 2009 World Social Forum (WSF), a group composed of various organizations is organizing a two day workshop for updates and strategy building to inform, discuss, plan and act in defense of the rights of affected populations and the environment. The organizations are working to prevent and/or mitigate any type of social and environmental negative impacts caused by the Initiative for the Integration of Regional Infrastructure in South America (IIRSA) and other harmful development strategies.
Weekly roundup: IFIs in the news
(Update, 2 October 2008) Read all the headlines concerning the international financial institutions from the past week.
Joint Bretton Woods Project Update #62
(Update, 30 September 2008) Read the special Annual Meetings edition of the Bretton Woods Update, co-produced with Afrodad, Bank Information Center, Choike, and Eurodad.
Civil society advises Bank of the South
(Update, 21 July 2008) Over 50 civil society experts on International Financial Institution (IFI) issues and former IFI staff gathered in Ecuador in late June with the hope of playing a fundamental role in the configuration of the Bank of the South.
Weekly roundup: IFIs in the news
(Update, 13 June 2008) The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week.
2008 IDB Annual Meeting
(Update, 19 February 2008) Information and resources for civil society.
Latin America Banks on Independence: Bank of the South
(Update, 31 January 2008) On December 9, standing before the flags of their countries, the presidents of Argentina, Bolivia, Brazil, Ecuador, Paraguay and Venezuela, along with a representative from Uruguay, gathered in Buenos Aires and signed the founding charter of the Banco del Sur, or Bank of the South.
Bank of the South launched
(Update, 13 December 2007) Seven South American leaders launched the Bank of the South (Banco del Sur) on Sunday, touting it as the continent's alternative to U.S.-backed lenders.
Bank of the South launched
(Update, 10 December 2007) Seven South American leaders launched the Bank of the South (Banco del Sur) on Sunday, touting it as the continent's alternative to U.S.-backed lenders.
Second Latin American Congress of National Parks and Protected Areas
(Update, 3 December 2007) The second Latin American Congress of National Parks and Protected Areas held in San Carlos de Bariloche, Argentina was the largest gathering of environmental organizations working in Latin America since the last Congress in 1997, held in Santa Marta.
Bank of the South
(Update, 29 November 2007) Eight countries are planning to inaugurate the Bank of the South on December 5, 2007 in Caracas. Joining ALBA countries (Venezuela, Bolivia), Ecuador Argentina, Brazil, Paraguay and Uruguay, Colombia decided two weeks ago that it too would join the initiative. Peru and Chile have so far remained silent.
Bank of the South
(Update, 14 November 2007) Eight countries are planning to inaugurate the Bank of the South in December 2007. The Bank of the South represents the cornerstone to a more wholesale renovation of the regional financial architecture long dependent on Northern banks. Read Vince McElhinny's new info brief on the Bank of the South and what it means for Latin America, and the continued relevance of the international financial institutions for the region.
CSOs draft open letter to Bank of the South members
(Update, 2 November 2007) On November 1, Jubilee South and other civil society organizations unveiled an open letter to the presidents of Argentina, Bolivia, Brazil, Paraguay, Uruguay and Venezuela calling for a sovereign, supportive, sustainable and integrated Bank of the South.
A Bank of their Own: Latin America Casting off Washington's Shackles
(Update, 2 November 2007) "The bank, which will be officially launched on Dec. 5, will make development loans to its member countries, with a focus on regional economic integration.(...) The Inter-American Development Bank, which focuses entirely on Latin America, devotes only about 2 percent of its lending to regional integration." That was Lula da Silva, the president of Brazil - not Washington's nemesis, Hugo Chavez -speaking in the Republic of Congo just two weeks ago.
The Bank of the South: An Alternative to IMF and World Bank Dominance
(Update, 29 October 2007) In July, 2004, the IMF and World Bank commemorated the 60th anniversary of their founding at Bretton Woods, NH to provide a financial framework of assistance for the postwar world after the expected defeat of Germany and Japan.
Chavez's Plan for Development Bank Moves Ahead
(Update, 23 October 2007) The idea by Hugo Chávez, Venezuela’s president, to create a Bank of the South to finance regional development projects is moving forward, aided by the tacit approval of Brazil, which has South America’s largest economy.
World Bank's relevance in Latin America wanes as region continues economic growth and Bank of the South presents emerging competition
(Update, 18 October 2007) Continued macro-economic prosperity in Latin America furthers decline in World Bank relevance in the region as worries grow about competition with Bank of the South.
World Bank is optimistic about growth in Latin American
(Update, 16 October 2007) The World Bank predicted that Latin America and the Caribbean will grow between 4.9 and 5% this year in spite of the turmoil in the US financial markets.
Chávez Vows Bank of the South Next Monday
(Update, 3 October 2007) Venezuelan President Hugo Chávez announced Tuesday night that the Bank of the South will be born next Monday in Caracas.
The Bank of the South will be born on Monday
(Update, 3 October 2007) Venezuelan President Hugo Chávez announces that the Bank of the South will be formed on Monday in Caracas.
IMF’s challenge in Latin America
(Update, 25 July 2007) The Europeans will likely select French socialist, Dominique Strauss-Kahn to replace Rodrigo de Rato as the Managing Director of the IMF, very much in the same, closed and undemocratic fashion that the U.S. handpicked Robert Zoellick to replace Paul Wolfowitz at the helm of the World Bank. Few Latin American countries have contested the IMF or the World Bank Presidential selection process, with the exception of some mild finger pointing by Brazil.
Amid ongoing discussions, Bank of the South nears launch
(Update, 9 July 2007) While the specific role and activities of the new Latin American regional development bank are still being debated, plans are moving forward to formalize an agreement between members that would create an alternative to the World Bank and IMF.
The 48th Annual Meeting of the Board of Governors of the IDB: A Civil Society Perspective
(Update, 29 May 2007) This article presents an in-depth analysis of the main themes of the 2007 Meeting of the Board of Governors of the IDB, including discussion about debt relief, new initiatives, the Sustainable Energy and Climate Initiative (SECCI), the Infrastructure Fund, in addition to a list of challenges and opportunities for civil society organizations to consider for future meetings.
Read BIC's latest IF-Eye newsletter!
(Update, 23 May 2007) Issue #17 highlights World Bank governance challenges, key conversations overshadowed by the Wolfowitz scandal, the Bank of the South and the Asian Development Bank Annual Meetings
The Bank of the South: an alternative for development finance?
(Update, 18 May 2007) Debates about the future role of the Bank of the South are just beginning.
The Bank of the South, between economics and politics
(Update, 18 May 2007) Discussions about the Bank of the South in the political and economic context of Latin America.
BIC launches new webpages on the Andean Development Corporation (Corporación Andina de Fomento) and Bank of the South (Banco del Sur)
(Update, 16 May 2007) These new pages reflect the expanding focus of BIC's Latin America Program. Both pages are in Spanish.