Colombia refrained to be cofounder of Bank of the South

· Economics

 Buenos Aires — ColPas. Colombia refrained of being confounder of Bank of the South, according to the digital Colombian magazine of economics Portafolio. The Bank that is going to be inaugurated this comuing Sunday in Buenos Aires, has like initial members Venezuela, Paraguay, Brazil, Argentina, Ecuador, Bolivia and Uruguay and its objectives are the promotion of regional projects for development and integration.

Presidents of the founder members of Bank of the South. Picture by Eco

Cited by Portafolio Colombia, Mr Guido Mantega, Minister of Economy of Brazil, said that the Bank will make investment in public and private projects, it will not participate in projects out of the countries of the region and it was created for South America. The project will start with a capital of 7,000 million of dollars and it was promoted by Venezuela and Argentina as an alternative to credit multinational entities like the International Monetary Fund and the World Bank.

To this respect the analyst Pablo Davalos of Eco Portal said that it is an initiative supported by governments critics to Neoliberalism and that its objectives will be the transformation of relations of power within the development plans, as also the reformulation of the development in a context in which the liberal ideologies did close the camp for human concerns, especially to critic and alternative proposals.

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