The founding ceremony will take place in Caracas on November 3rd.
Bolivian President Evo Morales confirmed today that he will participate on November 3 in the founding of the Bank of the South in Caracas, an institution that, in his opinion, will solve the social problems of the region.
The Bolivian Information Agency (ABI, state-run) reported today that Morales will travel to the Venezuelan capital on November 2 to sign the founding and constitution act of the Bank of the South, which will operate with part of its members' international reserves.
The foundation will also include the participation of Presidents Luiz Inácio Lula da Silva of Brazil; Néstor Kirchner of Argentina; Álvaro Uribe of Colombia; Rafael Correa of Ecuador; and the Venezuelan host, Hugo Chávez, the state agency indicated.
"This bank will solve social problems in the South American region and will especially benefit the so-called underdeveloped countries," Morales stated.
According to the president, the entity will replace the region's dependence on the World Bank (WB) and the International Monetary Fund (IMF).
On Saturday, November 4, Morales will visit the University of Santo Domingo in the city of Caracas, where he will be declared "Doctor Honoris Causa" and will return to Bolivia the following day.
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