Banco del Sur capitalised

20 November 2009

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.”