(Ingrid Navarro Leonet-Abn) .- The Banco del Sur marks the prelude to the new financial architecture of the countries of the region in the context of integration, the minister of People's Power for Finances, Rodrigo Cabezas.
'The bank will allow the South American take on much of the economic destiny of our countries. This not only enable us finance programs and projects, but also deepen the integration between our peoples ", he said.
Also, this regional institution will in the medium and long term, raise issues as the single currency for South America, the use of national currencies, not dollars interegional trade. These elements would be a demonstration that the region begins to become the great economic bloc in this century.
Cabezas recalled that Latin America's international reserves exceed 420 billion dollars, most of them are placed on developed countries. The institution will
headquartered in Caracas and sub-venue located in Buenos Aires, Argentina and La Paz, Bolivia.
Among the projects are financed infrastructure projects and projects with high social content so as to favorably impact the quality of life of the inhabitants of the region. The record shall be signed by Argentina, Uruguay, Paraguay, Venezuela, Ecuador, Bolivia and Brazil.
These countries, he said heads are 111 billion dollars in resource flows, excluding gold, which could be used to benefit the region. Notably
today prior to the formal act of economy and finance ministers of the signatory countries meet for the purpose to finalize some details of the initiative that President Chávez promoted since the late 90's.
'The bank will allow the South American take on much of the economic destiny of our countries. This not only enable us finance programs and projects, but also deepen the integration between our peoples ", he said.
Also, this regional institution will in the medium and long term, raise issues as the single currency for South America, the use of national currencies, not dollars interegional trade. These elements would be a demonstration that the region begins to become the great economic bloc in this century.
Cabezas recalled that Latin America's international reserves exceed 420 billion dollars, most of them are placed on developed countries. The institution will
headquartered in Caracas and sub-venue located in Buenos Aires, Argentina and La Paz, Bolivia.
Among the projects are financed infrastructure projects and projects with high social content so as to favorably impact the quality of life of the inhabitants of the region. The record shall be signed by Argentina, Uruguay, Paraguay, Venezuela, Ecuador, Bolivia and Brazil.
These countries, he said heads are 111 billion dollars in resource flows, excluding gold, which could be used to benefit the region. Notably
today prior to the formal act of economy and finance ministers of the signatory countries meet for the purpose to finalize some details of the initiative that President Chávez promoted since the late 90's.
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