June 27, 2007
Uruguay Joins Bank of the South Project

(Periodico 26) - "Uruguay decided to join the Bank of the South (Bansur) project, announced Foreign Minister Reinaldo Gargano, reported EFE news service.

'The Council of Ministers has decided that Uruguay will be a partner in the Bank of the South,' said the minister at a forum organized by the Portuguese Embassy in Montevideo.

The creation of Bansur was first conceived by Venezuela as an alternative to international lending institutions like the World Bank and the International Monetary Fund. Argentina, Bolivia, Brazil, Paraguay, Venezuela were quick to join the project.

Foreign Minister Gargano explained that his country is totally in agreement with the ideological and practical basis for the future banking institution in which he said Uruguay will be an active partner".