$ 8 million for the South Bank

Ricardo Patino

Last Wednesday Foreign Minister Ricardo Patino, informed that as part of its capital contribution to the South Bank, the Ecuadorian government has opened an account at the Central Bank of Ecuador (BCE for its Spanish acronym) in which it will make a first deposit for eight million.

Ecuador must deposit $ 400 million in the account of the BCE in favor of the South Bank, during the next few years. “Larger countries will deposit 2.000 million dollars to create a total account of 7,000 million, in order to reach 20,000 million dollars, which is the South Bank’s authorized capital,” Patino said.

According to sources of the UNASUR, next Friday it is expected that the Council of finance ministers from seven countries meet in Argentina to appoint the directors of the South Bank and possibly its President.