VI ALBA Summit in Caracas (updated)

Caracas, 26 January 2008. Venezuelan President Hugo Chavez inaugurated the VI Summit of the Bolivarian Alternative for the Americas, ALBA, at Caracas. ALBA is an International Cooperation organization which promotes an alternatve to the FTAA initiative by the US. Presidents of Bolivia,  and Nicaraguaattended the summit. The summit was also attended by high representatvies of Cuba,Ecuador, Haiti, Honduras,Uuguay, Antigua and Barbuda, Saint Vincent and the Grenadines and Saint Kitts Nevis, Dominica, France and Iran. 

During inauguration, Dominica was formally accepted a new ALBA member. It had expressed it desire to join ALBA just few weeks ago. During his intervention at the Summit, Nicaraguan President Daniel Ortega warned industrialised countries on the continuation of their capitalist model of production. Ortega stated it has caused enormous pollution and harm to people and the environment. On the other hand and warning over a US economy crisis, President Chavez asked ALBA members to consider withdrawing their foreign international reserves from US dollars deposits at American banks.

Prior to the Summit, there was a gathering on its banking institution. According to El Universal "the Bank of the Bolivarian Alternative for the Americas (ALBA) is likely to have a paid capital of USD 1 billion to be provided by its four member countries (Bolivia, Cuba, Nicaragua, and Venezuela) in proportions and terms yet to be defined". For Cuban Gramma, "in the face of international financial turbulence, the ALBA Bank guarantees stability and sustainability"

PS: In a most unusual move, Jacques Lang, a French opposition MP intervened at the summit. Lang congratulated Venezuela for its humanitarian role with the Colombian hostages.  He also criticised the Bush Administration. This intervention by a Socialist MP who is not part of the current French Conservative governement has been perceived as a faux pas at the Summit. The Venezuelan goverment would have very little manouvering space to prevent opposition members from interveninig in other regional summits.

At the conclusion ceremony of the ALBA summit, seven political declarations were penned. President Chavez also signed the Hondura´s membership application to Petrocaribe S.A. Petrocaribe member States had approved the application membership  on December 20, 2007. Under this Petrocaribe scheme, member states can buy Venezuelan oil at market price. However, a little up front amount is demanded at that moment. The remaining debt can be paid within a 25 year period at 1% interest rate. The approved application now needs to be discussed at Hondura´s Parliament as off Monday 28 January 2008.

Sources: ALBA, El Universal, Globovision, VTV, Gramma, Telesur, Prinside