[NYTr] Creation of ALBA Bank Discussed in Nicaragua

[All the News That Doesn't Fit]

Agencia Cubana de Noticias (ACN)
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Creation of ALBA Bank Discussed in Nicaragua

Havana, Sept 4 (acn) Representatives from Cuba, Nicaragua and Venezuela 
have gathered in the Nicaraguan capital Managua to discuss the creation 
of the Bank of the Bolivarian Alternative for the Americas (ALBA) 
before the end of this year.

Nicaragua's Finance Minister, Alberto Guevara, said the goal is 
establishing a new financial structure which will not be necessarily 
influenced by the mechanisms that currently rule financial relations, 
reports PL news agency.

According to Guevara, all member states will have equal participation 
in the Bank of the ALBA, which will implement the principle of 
complementarity.

The Nicaraguan official pointed out that the agreements reached in 
Managua will be later assessed at the ALBA Council of Ministers during 
an upcoming meeting to take place in Havana, with the presence of the 
presidents of Cuba, Nicaragua, Venezuela and Bolivia.

Bolivia, the fourth member of this regional integration project 
presented in November 2004, did not attend the encounter in Managua on 
Monday due to technical problems, but its government is been duly 
informed on the agreements, said Guevara.

The ALBA Bank aims to contribute to the economic and social development 
of its member states and will be open to the incorporation of other 
countries from Latin America and around the world.