A new development bank for South America, called Banco del Sur, spearheaded by Venezuela’s president, Hugo Chavéz, should be set up within months, after the region’s economy ministers decided that each member state would have one vote on the board.
The bank – which is being established as an alternative to Washington-based multilaterals, including the IMF, the World Bank, and the Inter-American Development Bank – will have initial capital of $10 billion. Sources indicate that Argentina, Brazil and Venezuela will each contribute $1 billion; $400 million will come from Ecuador and Uruguay; and $100 million from Bolivia and Paraguay. Colombia, Peru, Chile, Suriname and...
