Argentina, Brazil, Venezuela To Put $2B Each In Bank Of South

The three biggest South American countries behind the new Bank of the South multilateral development bank will each contribute $2 billion toward the total startup capital of $7 billion, an official at the Argentine Ministry of Economy said after a meeting of member countries here Friday. The official, who asked not to be named, said Brazil, Argentina and Venezuela would each contribute $2 billion to the startup capital, with the remaining $1 billion comprised of $400 million each from Uruguay and Ecuador, and $100 million each from Bolivia and Paraguay. The countries agreed on authorized capital of $20 billion, a figure that represents the eventual target once other contributors are brought on board and new contributions are made. The official said that a further $3 billion in capital contributions was earmarked with contributions from Chile, Colombia, Peru, Suriname and Guyana. That would bring the total startup capital to $10 billion, the figure cited as the initial capital in a separate press statement released Friday. The press release said that a joint technical commission had been instructed to deliver a constitutional document outlining the decisions made during the meeting Friday.