• Categories
  • Archives

Brazil Gets Its Own Port on the Pacific

Presidents Morales, Lula and Bachelet The second week of December will see the launching of two major regional projects in South America. Both are designed to boost the region's economic integration. Chile, Bolivia and Brazil will formally announce the start of construction work on the bi-oceanic Atlantic-Pacific corridor linking the three nations on December 11.

Two days prior the Bank of the South will open in Argentina with the purpose of financing development requirements of South American nations.

The bi-oceanic venture will bring together the presidents of three countries in La Paz, capital of Bolivia, to finally launch the three-nation link after a decade of discussions. The presidents are Chile's Michelle Bachelet, Brazil's Luiz Inácio Lula da Silva and Bolivia's Evo Morales.

The 2,600-kilometer (1,615-mile) corridor will be funded by public and private sectors of the three nations. Chile is providing US$ 50 million in seed money for the conditioning of existing highways and railways.

The corridor will be used as a two-way highway for regional exports to Asia, Europe and the rest of the continent. Brazil will have a direct option to the Pacific and similarly, but to the Atlantic, Chile and Bolivia.

In spite of the ongoing political problems in Bolivia, Chile's Foreign Relations Ministry confirmed the December 11 launching ceremony.

On December 9 the Banco del Sur will be officially launched in Buenos Aires. Although originally scheduled for last June the date was postponed several times on differences over shares and participation percentages.

The brainchild of Venezuelan president Hugo Chavez, the South bank should help finance development and infrastructure projects as an alternative to the classic multilateral organizations such as the World Bank or the Inter American Development bank.

Most South American countries have joined the project with the exception of Chile and Peru. The bank will have its main offices in Caracas and La Paz.

The bank launch will be followed on December 10 by the taking office ceremony of Argentina's elected president Cristina Fernandez Kirchner, wife of current leader Nestor Kirchner.

Seven presidents have confirmed their presence at the bank's official launching: Argentina's outgoing Nestor Kirchner; Venezuela's Hugo Chávez; Brazil's Luiz Inácio Lula da Silva; Ecuador's, Rafael Correa; Bolivia's Evo Morales; Uruguay's Tabaré Vázquez and Paraguay's Nicanor Duarte Frutos.

The initial capital was agreed in US$ 7 billion, but contribution of each country member still has to be decided. The board of directors will be made up of Finance and Economy ministers from member countries.

However differences remain regarding contributions: one group believes they should be equal and another which would like to see them proportional. But voting rights in the board will be equal for all country members.

Mercopress

Tags:

  • Show Comments (3)

  • ch.c.

    To the junkie Eduardo………..
    Noooooooo….the BLABLABLABLA is Brazilian.

    Read again and try to explain how Chile has not joined the program.

    You just proved how your brains work. Very very very slowly.

    Red faced. You better be.
    😀 😉 😀 😉 😀 😉 😀 😉

  • Eduardo

    Look the CHIFRUDO.. BUNDA SUJA DE CHOCOLATE!! BLABLABLABLABLA

  • ch.c.

    Strange : “Most South American countries have joined the project with the exception of Chile and Peru”
    – “Chile is providing US$ 50 million in seed money for the conditioning of existing highways and railways. “
    – “Chile, Bolivia and Brazil will formally announce the start of construction work “

    Typically…….Brazilian explanations !!!!!!!

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

Fab Four Resung

"I Want to Hold Your Hand" was the track that amused me the most. ...

Rest in Peace, Brazil’s Old Warrior!

Leonel Brizola lost an election, lost another, and then modestly became the vice presidential ...

Over 5,000 Cases of Dengue in Rio This Year, a Ten-Fold Increase

In Brazil, the number of cases of dengue officially registered in the metropolitan region ...

How Free is Brazil’s Judiciary? The UN Wants to Know.

The Special Rapporteur of the United Nations Commission on Human Rights on the Independence ...

After Europe Brazil Gets Kikoy Fever

An article of clothing worn by ancient Arab merchants should be seen on Brazilian ...

Stirred Up by Venezuela Brazil Is Outspending Everyone in Arms Race

Latin America former political leaders and security experts, several of them, expressed concern over ...

Brazil Takes Its Shoes to Las Vegas Trade Show

Brazilian shoe manufacturers will start in February the activities of the Brazilian Footwear, program ...

Brazil, India and South America Discuss Development with Justice

In a seminar today and tomorrow in Rio de Janeiro, representatives of Brazil, India, ...

Brazilian House Goes to the Supreme Against Electoral Rule

The Brazilian Chamber of Deputies intends to appeal to the Federal Supreme Court (STF) ...

Brazil’s Stagnant Revolution

The Left born in the São Paulo ABC assumed Brazil’s presidency with a project ...