Maduro: South America, Arab States Discuss Development Bank

Venezuelan President Nicolas Maduro announced Wednesday that many important ideas have been adopted between South American and Arab nations this week. Among them includes a proposal to work together on a development bank between the two regions.

The president made the announcement on the second and final day of the Summit of South American – Arab Countries, known as ASPA, this year being held in the Saudi capital Riyadh.

After two days of meetings, the two regions approved the so-called Riyadh Declaration, which was created to promote political, economic, commercial, technological and environmental cooperation.

One of the highlights of the summit was the proposal of a development bank, what President Maduro said would contribute to the United Nations 2030 Sustainable Development Goals to fight against inequality and poverty. He added that the institution would operate in the two regions and will be directed to carry out investments for economic development.

The president also said that participants in the ASPA meeting agreed on the importance of forming a permanent secretariat for the regional cooperation initiative, which will build on the common efforts to build future summits to discuss cooperation efforts.

Maduro also highlighted the important role played by regional intergovernmental organization the Union of South American Nations, or UNASUR, in strengthening the ties between the southern region and the Arabic nations.

“Today, South America is a new region, which exceeds its inequalities,” said the Venezuelan president, adding that he considers necessary “the emergence of a multi-centered world for the creation of peace, parallel dialogue and culture,” referring to the current state of world politics that tends to center on U.S. and European interests.

Included in this efforts of decentralization, Venezuela and Ecuador both presented a joint proposal to stabilize the price of oil at around US$80 per barrel.

“It cannot be that we produce oil and financial speculators choose the price,” said Maduro before departing to Saudi Arabia.

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In Wednesday's speech, Maduro also said that the Latin American countries present at the summit will continue to push for peace in the Middle East region. This would include contributing to negotiations in countries in conflict such as Syria and Libya.

“We condemn terrorism in all its forms,” said the Venezuelan president.

The next ASPA Summit will be held in Caracas, Venezuela in 2018.