04-11-2008, 08:04 AM
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Viva Fidel
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Join Date: Dec 2007
Userid: 107 Location: Imperialist Britain
Age: 23
Posts: 4,666
Rep Power: 6
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Bank Of The South Opens in Havana
I'm very supportive of the idea of the ALBA bank. It has honourable motives, lets hope it works.
Quote:
THE first branch of the ALBA (Bolivarian Alternative for the Americas) Bank has opened in Havana, in what constitutes another advance of that regional integration project, based on economic complementariness and solidarity.
Francisco Soberón, president of the Central Bank of Cuba, highlighted the importance of the new financial institution, which will protect the region from a potential economic crisis in the United States and guarantee the execution of productive projects.
Soberón noted that the island is to contribute $118 million to the new regional banking agency, also seen as a mechanism for promoting employment and strengthening the battle against poverty, according to a Radio Habana Cuba report.
He stressed that the bank of the ALBA, which will begin operations in May, is not exclusively conceived of as an institution for lending money, but as a scenario for coordinating financial policies, above all in the face of the current international crisis, AFP reported.
Rafael Isea, the Venezuelan minister of finance, stated that his country, together with Cuba, Bolivia and Nicaragua, are to contribute resources to increase funds for the Bank of the ALBA, supported by a specialized team to assist the countries in coordinated economic policies.
The bank is to handle the funding of projects in the sectors of food, medicines, telecommunications and agriculture and, in this initial phase, has an authorized capital of $2 billion.
The Technical Commission and the Ministerial Council of the Bank of ALBA met this Tuesday and Wednesday with a view to signing the constitutional agreement of the bank, which took place yesterday.
Granma daily reported that Isea; Alberto Guevara, Nicaraguan Treasury minister; Raúl Chávez, the Bolivian ambassador to Cuba; and Soberón, took part in the signing ceremony. In line with the constitution, working meetings will take place in the next 30 days. (AIN)
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granma.cu - Branch of the ALBA Bank opens in Havana
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Viva Fidel
If there ever was in the history of humanity an enemy who was truly universal, an enemy whose acts and moves trouble the entire world, threaten the entire world, attack the entire world in any way or another, that real and really universal enemy is precisely Yankee imperialism
They talk about the failure of socialism but where is the success of capitalism in Africa, Asia and Latin America?
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