BUENOS AIRES -- Presidents from seven nations signed on Sunday a document creating the Bank of the South, a development bank launched with capital from Venezuela, Bolivia and Argentina.
The public ceremony, gathering presidents representing Argentina, Venezuela, Brazil, Bolivia, Ecuador, Uruguay and Paraguay formally creates the bank, which starts work with US$7 billion in capital.
Its head office will be in Venezuelan capital Caracas, with two branches: in Argentina capital Buenos Aires and Bolivia's legislative capital La Paz.
The presidents have previously said that the Bank aims to stimulate economic growth with cheap credit for infrastructure projects and financing for private sector projects.
Related News
Photos
More>>
trade
- Workers were building Waiting Pavilions in the dock of black awning boats in
- Celebration of the 2500th anniversary of the founding of Shaoxing and Press
- Candidates of World Choir Games' Volunteers started training
- Shaoxing Luxun Primary School held World Choir Games and Me activity
- The Choir from the Philippines will Sing with the Bamboo Flutes