UNASUR’s Bank of the South to Begin Operations in May

The Bank of the South, or Bancosur, is intended as an alternative to borrowing from institutions like the International Monetary Fund and the World Bank.

Nicolas Maduro VP VenezudlaVenezuela’s president announced a May meeting in Buenos Aires with the presidents of the blocs member countries.

The Bank of the South, a monetary fund and lending institution originally established by Argentina, Brazil, Paraguay, Uruguay, Ecuador, Bolivia and Venezuela, will begin operations in May, Venezuelan President Nicolas Maduro said late Tuesday.

It is ready

“It is ready, after so many years, all the organizational architecture, its directors have been appointed, Argentina is going to be the chief and we will begin operations in May in Buenos Aires,” Maduro said.

The Venezuelan leader announced a meeting in Buenos Aires with the presidents of the member countries of the Union of South American (UNASUR) nations.

An alternative to the IMF

The Bank of the South, or Bancosur, is intended as an alternative to borrowing from institutions like the International Monetary Fund and the World Bank.

Bancosur intends lend money to nations in the Americas for social programs and infrastructure projects.

Endorsed by Nobel Prize winner and former World Bank economist Joseph Stiglitz

joseph stiglitzThe financial institution, which has been endorsed by Nobel Prize winner and former World Bank economist Joseph Stiglitz, was first proposed in 2009 with the aim of including every state within South America while advancing regional independence and endogenous development in the region.

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2 thoughts on “UNASUR’s Bank of the South to Begin Operations in May

  1. Pingback: Nobel laureate tells TIME that the institutions and countries that have enforced cost-cutting on Greece “have criminal responsibility” | JSC: Jamaicans in Solidarity with Cuba

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