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Bank of the South ( Banco del Sur ) - See http://www.alianza-iberoamericana.com/

http://en.wikipedia.org/wiki/Bank_of_the_South

The Bank of the South (Spanish: Banco del Sur) is a monetary fund and lending organization devised by Venezuelan President Hugo Chávez. The intention of the bank is to lend money to Latin American nations for the construction of social programs and infrastructure. It is scheduled to begin operation by June 2007.

Contents [hide]
1 Plans and Involvement
2 Current Success
3 See Also
4 Sources



[edit] Plans and Involvement
The ultimate goal of the Bank of the South is to include every nation within the region of Latin America, from Mexico to Argentina. The program would lend money to any nation involved in the construction of approved programs.

The first planned mission for which funds are to be donated is an 8,000-kilometer gas pipeline from Venezuela to Argentina, to run through Brazil and Bolivia. The pipeline would cost a tremendous amount of time and money, and as such the Bank of the South would be required to raise large amounts from all involved nations.

The Bank is intended as an alternative to borrowing from the IMF and the World Bank and relies upon the unpopularity of those institutions in Latin America. Hugo Chávez has promised to withdraw from the IMF and encourages other member states to do so as well. It is proposed that all member countries contribute fairly equal shares to the Bank's initial capital (300 to 500 million dollars) so that no member state will control a dominant share.

One of the primary obstacles that the Bank will face will be the reconciliation of its stance against American influence and Brazil's close economic and political relationship with the USA. Brazil is one of the largest and most influential economies in Latin America.


[edit] Current Success
Venezuela, as the originator of the idea, will be involved upon the organization's inception. The other nations of the Bolivarian Alternative for the Americas - Cuba, Bolivia, Nicaragua, and Ecuador - as well as Argentina, are likely to participate. In April 2007, Brazil promised to donate a large amount of funding as well.


[edit] See Also
Bolivarian Alternative for the Americas
Mercosur
Telesur
Bolivarianism
Bolivarian Revolution