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South American development bank to be operational this year

May 20, 2012 News

Argentina (Dow Jones)–South American development bank, Banco del Sur, should be operational during the second half of this year, a top Argentine government official said Friday.
Adrian Cosentino, finance secretary at Argentina’s Economy Ministry, said the bank will formally open its doors after a meeting of the finance ministers of the Union of South American Nations, or UNASUR, to be held next month or July in Venezuela.
However, it won’t immediately be in a position to start lending, he added.
“This project aspires to become the financing arm of UNASUR. Even though there are seven founding countries our expectation … is to include other UNASUR countries,” Cosentino told reporters.
UNASUR comprises Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guyana, Suriname, Paraguay, Peru, Uruguay and Venezuela.
Banco del Sur is intended to complement existing regional development banks like the Andean Development Corporation and the Inter-American Development Bank.
Though the bank’s articles of agreement were signed in September 2009, the legislatures of Brazil and Paraguay still have to approve the participation of their respective countries in the project.
The bank’s authorized capital is US$20 billion, and the founding nations–Argentina, Bolivia, Brazil, Ecuador, Paraguay, Uruguay and Venezuela–have agreed to provide seed capital of $7 billion.
Cosentino said Argentina will contribute US$80 million this year.

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