18 abr. 2009

ALBA Studies Development Projects

17 de abril de 2009, 10:49Cumana, Venezuela, Apr 17 (Prensa Latina) The Bolivarian Alternative for the Peoples of Our America (ALBA) country members are concluding on Friday in this city an extraordinary summit that opened the doors in its first day to a new currency called the Sucre. After a day devoted to analyzing the world crisis, extension of the group to a seventh country: Saint Vincent and the Grenadines, and support for Cuba in its struggle against the US blockade, the meeting on Friday is focused on development projects.

Venezuelan President Hugo Chavez announced Thursday that they are ready to begin 10 projects in the food sector, a prioritized area in the cooperation and complementariness agreements that guide the ALBA's progress.

Those economic cooperation projects are now reinforced by the prospects of the Single Regional Payment Compensation System (Sucre), which could become a virtual and even physical currency in the future.

With the framework agreement they approved creation of a Regional Monetary Council, a joint account unit, a central compensation chamber, and a Trade Reserve and Convergence Fund.

Besides Saint Vincent and the Grenadines, the ALBA is composed of Bolivia, Cuba, Dominica, Honduras, Nicaragua and Venezuela, and Paraguay and Ecuador are participating as observers.

The summit was also a great support for Cuba, represented by its president Raul Castro, with a general condemnation of the US blockade, an issue that the group announced it would present to the Summit of the Americas, which begins on Friday.

It is expected that after a day analyzing the economic projects, all ALBA presidents execpt Cuba's travel to Trinidad and Tobago, where the Summit of the Americas will begin.

Cuba's absence from that forum, as a result of US pressure, was also criticized by the group, and it is expected to be one of the issues that the presidents will present in the meeting in Trinidad and Tobago.