Sanz noted that, in a first stage, the new financial institution, promoted by Venezuela, Cuba, Bolivia and Nicaragua, will finance projects in the areas of food production, medicine, telecommunications and agriculture.

According to Prensa Latina news agency, Sanz made the announcement during a high-level workshop held in Venezuela as part of the Commission of ALBA Technical Boards.

The minister explained that the first grand-national enterprises - joint projects that go beyond national borders and whose name expresses their genesis opposed to the transnational concept - will receive 1.2 billion dollars in three years starting with $200 million in 2008.

As part of their work, Sanz announced an upcoming meeting of the members of the ALBA Bank in Cuba to define the composition of the Board of Directors of the financial institution.

Sanz, who is also the ALBA Permanent Coordinator, added that priority will be given to development projects of a social nature that help strengthen the integrationist mechanism.

(mathaba.net)