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ALBA Fosters New Financial Entity with Participation of Venezuela, Cuba, Nicaragua and Bolivia
Authorities from the Venezuelan Finance Ministry highlight the possibility to ink in the meeting the documents to concrete the start of the Bank of the ALBA.

The entity, with participation of Venezuela, Cuba, Nicaragua and Bolivia, will be used as an instrument to boost productive integration and substitute imports.

The initial capital could reach $1 billion, although the definition of that issue will be in the hands of finance ministries and heads of State once the structures and functioning are determined.

The entity is called to lead funds for the development of social programs and support national projects in the framework of a cooperation agreement.

The plans among the four members of the accord are focused on social, managerial, energy and oil areas.

The institution will also establish alliances with new regional entities, to form a new economic architecture to allow sustainable integration projects.

The new bank represents an alternative for saving, instead of stimulating the flow of reserves to institutions of the industrialized world.


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