Venezuela's Chavez Suggests Creation Of An OPEC Bank

Venezuelan President Hugo Chavez suggested Wednesday that members of the Organization of Petroleum Exporting Countries create a development bank. Chavez said in a televised address Wednesday that he once again brought up an old proposal for an OPEC financial instituion during a meeting with OPEC's Secretary General Abdalla Salem El-Badri on Tuesday. 'Maybe now it's the right time for the bank of OPEC,' Chavez said.
El-Badri visited Caracas on a three-day trip this week to discuss a host of issues including a discussion of Venezuela's output figures. Venezuela's president has been a strong advocate of creating international institutions that compete with other multilateral organizations, in which, Chavez argues, the U.S. has too much leverage.