page_title: Bank of the South
section_title: Plans and involvement
hierarchical_section_title: Bank of the South / Plans and involvement
caption_attribution_description: Español: Presidentes de Ecuador (Rafael Correa), Presidente de Bolivia (Evo Morales), Presidente de Argentina y luego Secretario General de UNASUR (Néstor Kirchner), presidenta electa de Argentina (Cristina Fernández de Kirchner), Presidente de Brasil (Luiz Inácio Lula da Silva), Presidente de Paraguay (Nicanor Duarte Frutos) y Presidente de Venezuela (Hugo Chávez), firman el Acta Fundacional del Banco del Sur. Deutsch: Rafael Correa (Präsident von Ecuador), Evo Morales (Präsident von Bolivien), Néstor Kirchner (Präsident von Argentinien und Generalsekretär der UNASUR), Cristina Fernández de Kirchner (gewählte Präsidentin von Argentinien), Luiz Inácio Lula da Silva (Präsident von Brasilien), Nicanor Duarte Frutos (Präsident von Paraguay) und Hugo Chávez (Präsident von Venezuela) anlässlich der Unterzeichnung des Gründungsvertrages der Bank des Südens in Argentinien.
context_page_description: The Bank of the South or BancoSur is a monetary fund and lending organization established on 26 September 2009 by Argentina, Brazil, Paraguay, Uruguay, Ecuador, Bolivia and Venezuela with promises of initial capital of US$20 billion. Argentina, Venezuela, and Brazil were to have each pledged $4 billion, and Uruguay, Ecuador, Paraguay and Bolivia were to have contributed smaller amounts. The intention of the bank was to lend money to nations in the Americas for the construction of social programs and infrastructure. Documents establishing the bank as an entity were signed in 2007, and the agreement between the countries was finalized in 2009, but as of 2016, the bank had not been capitalized.
context_section_description: The ultimate goal of the Bank of the South is to include every state within the region of South America. It has been established because of disapproval of the protocol of the World Bank and International Monetary Fund (IMF), in particular the enforcement of unrelated free market reforms on countries seeking emergency loans. It also represents an attempt to achieve regional independence and endogenous development.  The program would lend money to any nation involved in the construction of approved programs, and without conditions traditionally attached to such loans, such as deregulation. 
  The Bank is intended as an alternative to borrowing from the IMF and the World Bank.  Hugo Chávez promised to withdraw from the IMF and encouraged other member states to do so as well.  Latin America's dependence on the IMF fell dramatically between 2005 and 2008, with outstanding loans falling from 80% of the IMF's $81bn loan portfolio, to 1% of the IMF's $17bn of outstanding loans. Brazil and Argentina are also refusing to borrow from the IMF again. 
  It is proposed that all member countries contribute fairly equal shares to the Bank's initial capital of fourteen billion Brazilian reais (seven billion US dollars) so that no member state will control a dominant share. Argentina joined with Venezuela to officially propose such an initiative, but Brazil also became a major player. Additionally, the bank will feature a one-state one-vote structure, unlike the IMF.
caption: Rafael Correa, Evo Morales, Néstor Kirchner, Cristina Fernández, Luiz Inácio Lula da Silva, Nicanor Duarte, and Hugo Chávez at the signing of the founding charter of the Bank of the South
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