Bolvia’s finance minister announced that the Bank of the South is ready to begin operations.
Arce stated that countries were "now fulfilling the requirements for the establishment and start of operations of the Bank of the South: resources from Argentina, Venezuela, Ecuador and Bolivia have been guaranteed."
"The only thing we need is for the presidents to gather and raise the checkered flag to start activities at the Bank of the South," said Arce, adding there was no official date for the opening.
The Bank of the South was an initiative proposed in 2007 by the member countries of the Union of South American Nations (UNASUR).
The bank seeks to lessen dependence on traditional international financial institutions such as the World Bank and International Monetary Fund by providing alternative sources of financial capital.
The financial institution is expected to have an initial operation budget of US$20 billion, which will finance a wide variety of projects including physical infrastructure, energy integration and natural resource initiatives.