South American member states pledged $7 billion for the Banco del Sur to finance development projects and trade, providing a regional alternative to the World Bank. After almost four years of efforts (see Update 62), the presidents of Argentina, Brazil, Bolivia, Ecuador, Paraguay, Uruguay and Venezuela signed the Bank’s Articles of Agreement at the end of September. Members aim to extend its capital to $20 billion. President Rafael Correa of Ecuador said that, “The South American nations will be able to put an end to their political and financial dependence that they have had with the neoliberal model.”
26 September 2008
Review maintains inadequate and inconsistent approach to economic and gender inequality, as well as climate change.
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The Bretton Woods Project is a UK-based NGO that challenges the World Bank and IMF and promotes alternative approaches. We serve as an information provider, watchdog, networker and advocate. Our flagship publications are the Bretton Woods Observer, a quarterly critical review of developments at the World Bank and IMF, the Dispatch, a biannual analysis of the World Bank and IMF Spring and Annual Meetings, and the NewsLens, a bi-weekly roundup of key news and critical viewpoints published about the World Bank and IMF.
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