LatAm countries set aside $7b for new bank
Seven Latin American countries agreed Friday to set aside seven billion dollars to create a new regional investment bank.
"The meeting was satisfactory, the creation of the bank is more important given the international financial crisis" Argentine economy minister Carlos Fernandez said at the outset of a gathering in Buenos Aires.
Argentina, Brazil, Venezuela, Uruguay, Ecuador, Bolivia and Paraguay would become members of the Banco del Sur -- or Bank of the South.
Each country would have a vote on the bank's board, and the support of two large nations -- Venezuela, Brazil and Argentina -- to move ahead with projects worth over 70 million dollars.
No firm date has been set yet for the Venezuela-based bank to begin operations.
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