ALBA Docs

MEMORANDUM OF UNDERSTANDING BETWEEN THE REPUBLIC OF BOLIVIA, THE REPUBLIC OF CUBA, THE REPUBLIC OF NICARAGUA AND THE BOLIVARIAN REPUBLIC OF VENEZUELA FOR THE CREATION OF THE BANK OF THE ALBA 

The governments of the Republic of Bolivia, the Republic of Cuba, the Republic of Nicaragua and the Bolivarian Republic of Venezuela;

Considering the need for the ALBA to have a financial institution that facilitates the development of social and economic projects that guarantee the effective integration and union of our 
republics;

Considering that the existing economic and financial structures are insufficient to impulse the projects of transnational union, and this being the reason for which we demand new institutions that reinforce our immediate and long term capacities for action;

Considering the need to increase the saving and investment capacities in the Republics of the ALBA with the objective of guaranteeing the rapid materialization of cooperation and productive development programs, with a view to making commercial exchanges between our countries more dynamic and fair;

Considering the high level of compromise reached between the ALBA member countries, which allows us to steadily advance towards the implementation of our plans, programs and projects of integral union between our Republics, as it was once dreamt of by our national heroes;

Agree :

1- To promote and impulse the creation of the Bank of the ALBA, whose headquarters will be 
defined by the countries who are part of this historical initiative of unity.

2- To create a Commission formed by the representatives of ALBA member countries, which may meet in any of those countries, and which will present the constitutive project of the Bank of the ALBA in no more than sixty (60) days.

3- The present Memorandum of Understanding may be amended with the express agreement of the signatory Republics.

4- The present Memorandum of Understanding will come into force following its approval.

5- Any query or controversy that may arise out of the interpretation or implementation of the present Memorandum of Understanding will be amicably resolved via direct discussion of the 
diplomatic bodies of the signatory Republics.

The present Memorandum of Understanding is subscribed in four (4) copies of equal content, in Spanish language, in the city of Caracas, Bolivarian Republic of Venezuela, on 6th June 2007. 

On behalf of the Government of the Republic of Bolivia

David Choquehuanca
Minister of Foreign Affairs

On behalf of the Government of the Republic of Nicaragua

Valdrack Jaentschke
Vice Minister of External Cooperation for the Ministry of Foreign Affairs

On behalf of the Government of the Republic of Cuba

Felipe Perez Roque
Minister of Foreign Affairs

On behalf of the Government of the Bolivarian Republic of Venezuela

Nicolas Maduro Moros

(Translation for Portal ALBA by Damaris Garzón)