Monday 28 September 2009- At the summit, the leaders agreed to launch a new development bank for South America, the Banco del Sur, with an initial start up investment of $20bn. The creation of a bank for Latin America and Africa will be "an alternative to the International Monetary Fund and World Bank for Southern countries,” while the implementation of a common currency to replace the FCFA will represent a “win-win” commercial exchange. "All the energy infrastructure, both in South America and in Africa, was designed and developed to meet the energy requirements of the industrial powers that our countries were satellites of," said Venezuelan minister of energy and petroleum, Rafael Ramirez...
