(El Universal) - "Minister of Finance Rodrigo Cabezas said that upon completion of the blueprint on the Bank of the South the last quarter of this current year, as disclosed by the presidents of Ecuador and Venezuela, the regional entity would start operations in 2008.

'The presidents' commitment to this matter is final. It was shown that there is ample political willingness to complete this initiative,' said Cabezas.

'We keep on making a great effort towards a financial architecture dedicated to South Americans,' he added.

The minister explained that the next expert meeting to be held in October will deal with the portion of the shareholders' equity that each member country should provide for the bank commissioning. The meeting will review also the bank's articles of incorporation and get it ready for execution by the presidents.

Asked about the lending facilities, Cabezas noted that they would not repeat the 'old schedule of the World Bank (WB) and the International Monetary Fund (IMF).'

'That is, we are not meant to lend a country provided that it will implement such and such economic measure.'