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Monday, 28 September 2009 13:16

Gadhafi, Chavez promote Africa-South America ties

MOSCOW, Russia, Sept 27 (APA) - A regional bank for South America, the Bank of the South, with a $20-billion initial capital has been set up under an agreement signed by seven nations – Argentina, Bolivia, Brazil, Venezuela, Paraguay, Uruguay and Equador – on the sidelines of the South America-Africa summit in Venezuela on Saturday, APA kearns from Moscow.


President Hugo Chavez, the author of the initiative, urged South American countries to transfer part of their gold and currency reserves from American and European banks to the Bank of the South.


He and the Libyan leader strongly urged nearly 30 leaders from Africa and South America to form a strong intercontinental alliance to make the two regions a new global power.


The Libyan leader, on his first visit to the Americas, called for the two regions to become a political and economic force, saying that together "we can transform the world."


Chavez has already announced that Venezuela may help build an oil refinery in Mauritania that could process 30,000 to 40,000 barrels per day and supply fuel to Mali, Niger and Gambia.



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