Juan Antonio Borrego AND Calixto N. Llanes (foto), special REPORT

CARACAS.— In the face of international financial turbulence, the ALBA Bank guarantees stability and sustainability, affirmed Francisco Soberón Valdés, minister president of the Cuban Central bank (BCC), who participated in a working session here prior to the official establishment of the institution, set to take place this Saturday.

In a statement to the Cuban press on the occasion of the 6th Summit of the Bolivarian Alternative for the Americas (ALBA), to take place in this capital, Soberón emphasized that the bank is emerging at a time when the world is more than ever witnessing capitalism’s lack of viability.

Soberón, who represents Cuba on the ministerial commission that yesterday reviewed the constituent documents establishing the ALBA Bank, praised the idea, and described the bank as "very well designed". He emphasized its importance in financing projects with a social impact which, given their long-term returns, are not usually assumed by commercial banking. "The ALBA Bank will fill this void," he said.

He also indicated that the functioning of this new institution will allow an improved structuring of the financial policies of ALBA member countries (Venezuela, Cuba, Bolivia and Nicaragua), which Cuba sees as a significant step within the strategic concept of the bank as an integration mechanism.

This Thursday the Summit’s Political Commission was also installed, as well as the ALBA Council of Social Movements, as a result of a proposal made at the last summit in Barquisimeto, the initiative of Venezuelan President Hugo Chávez.

Translated by Granma International 25-01-2008