Ecuador Prioritizes Banco del Sur

Ecuador will discuss the constitution of Fondo del Sur – an alternative to IMF and World Bank for LatAm suggested by Ecuadorean president Rafael Correa a year ago – after the Banco del Sur is established, according to Fausto Ortiz de la Cadena, the country’s finance minister. In the meantime, the Andean nation plans to invest $400m in Banco del Sur and expects to borrow up to 8x that amount once the multilateral is consolidated, wires report.