Bank of the South
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| Public | |
| Industry | Finance and Development |
| Founded | 2009 |
The Bank of the South (Spanish: Banco del Sur, Portuguese: Banco do Sul, Dutch: Bank van het Zuiden) or BancoSur is a monetary fund and lending organization established on 26 September 2009 by Argentina, Brazil,Paraguay, Uruguay, Ecuador, Bolivia and Venezuela with an initial capital of US$20 billion. Argentina, Venezuela, and Brazil were to have each pledged $4 billion, while Uruguay, Ecuador, Paraguay and Bolivia were to have contributed smaller amounts.[1][2] The intention of the bank is to lend money to nations in the Americas for the construction of social programs and infrastructure.
The project has been endorsed by Nobel Prize-winning former World Bank economist Joseph Stiglitz, with him saying that "One of the advantages of having a Bank of the South is that it would reflect the perspectives of those in the South", and that "It is a good thing to have competition in most markets, including the market for development lending".[3]
As of 2013, the bank only exists as a legal entity.[4][clarification needed]
Contents
[hide]- 1Plans and involvement
- 2History
- 3See also
- 4References
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