Chvez also raised the idea of issuing a regional bond to raise funds for social spending as he hosted a summit of the Bolivaria for the
"I proposed that we issue an ALBA bond. I hope that we can do it ... And that we issue it here in
Chvez said the money acquired would be put in a fund to provide credit for ALBA nations.
Chvez and other leaders signed accords for
Chvez said
ALBA was created in 2004 by
Chvez said Venezuela eventually plans to help build a network of refineries in Nicaragua, Haiti, Ecuador, Bolivia and Dominica, as well as refurbish Cuba"s Cienfuegos refinery, to provide a stable supply of oil and the earnings it generates to countries in Latin America.
He noted that
Special oil deals
Under special oil deals offered by Venezuela, ALBA member nations would be able to finance 50 per cent of the bill for fuel under low-interest loans, and 25 per cent of the total bill would go into a special "ALBA Fund" to support local projects through loans, he said.
Leaders also discussed creating an "economic cooperation and investment fund," and Chavez offered an initial contribution of US$250 million (euro183 million).
Among long-term plans, Chvez proposed to build a petrochemical complex and natural gas plant in
Leaders attending included Haitian President Rene Preval, Nicaraguan President Daniel Ortega, Bolivian President Evo Morales and Cuban Vice President Carlos Lage, plus officials from Uruguay, Ecuador, Dominica, St. Kitts and Nevis, and St. Vincent and the Grenadines.
Morales, whose country nationalised its natural gas industry last year, raised bitter complaints about the
"Governments in
Chvez backed Morales" stance, saying he had never heard of ICSID but that Latin American countries could create their own arbitration body for disputes with big companies.
"We"re better off without the (International Monetary) Fund and without the World Bank," Chvez said. "Only together will we be able to achieve it."
PIN/AP
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