The South Bank is ready

Last Wednesday in Caracas, Venezuela, the first ministerial meeting of the South Bank was held, along with the participation of finance ministers of Argentina, Bolivia, Brazil, Ecuador, Uruguay and Venezuela, current members of the financial entity.

“It is a new institution which will be joining the new political vision that South America owns, with a strong will to go together in the integration of building projects for the region,” said Venezuelan Finance Minister, Nelson Merentes.

Ecuadorian Foreign Ministry Ricardo Patiño and Venezuelan Ministry of Finance Nelson Merentes.

Merentes also revealed that participants in the meeting helped with the approval of the rules of the council functionality, the timing of capital contributions, government bodies, authorities’ appointment processes and the competition of the headquarters.

The only outstanding issue is to establish a start date of the bank’s activities in terms of the contributions of each member to the first stage.