The South American development bank has been promoted by socialist Venezuelan President Hugo Chavez as a counterweight to U.S. influenced international lenders.
Leaders from Brazil, Argentina, Venezuela, Uruguay, Ecuador, Paraguay and Bolivia signed on to the pact and announced that the starting capital would be $20 billion.
The Bank will eventually try to get the membership of all the South American countries, and will lend any south American nation with no conditions.
Submitted by Fernando
