Posted by 
Dr. Philbert Aaron ALBA Coordinator and Venezuelan President Hugo Chavez at launching of Waitikubuli Oil Fuel Storage Tank at Jimmit
ALBA Coordinator Dr. Philbert Aaron says mechanisms are being put in place for the establishment of an ALBA Bank in Dominica.
Venezuela is seeking to increase its already significant investment portfolio in Dominica with the establishment of a state-of-the-art coffee processing plant and a branch of the ALBA Bank here.
The announcement was made by Venezuelan President, Hugo Chavez in his address at the formal commissioning of the new Waitikubuli Fuel Storage and Distribution Plant in Dominica several months ago.
“The ALBA Bank is still in the works, mechanisms are being put in place, studies are being done and the matter will come to a resolution later on,” Aaron said.
With initial financing of more than $1 billion, the Bank of ALBA, aims to finance projects of economic integration and infrastructural development as well as progress in social, educational, cultural and health programs in the member nations.
It also aims to eliminate the economic weaknesses of these countries and eradicate economic asymmetries caused by the process of financial globalization.
Unlike other financial institutions such as the World Bank or the IMF, the Bank of ALBA will not impose loan conditions and will function based on consensus of all members.
Dominica is among the first countries to benefit from such an initiative.
