BANK FOR AMERICAS
PLANS APPROVED
BUFFER INSTITUTION
CUSHIONING WAR SHOCKS
(By Telegraph—Press Association—Copyright.)
(Received February 8, 10 a.m.)
WASHINGTON,. February ,7.
The , inter-American Economic and Financial Committee created by- the declaration of Panama has approved plans for an inter-American Bank, with capital of 100,000,000 dollars, designed to implement economic cooperation with the Western " Hemisphere and cushion the American nations against economic' shocks resulting from the European war. The Republics have been asked to appoint delegates to sign the convention on April 14, and it will be operative when at least five nations subscribing at least 145 shares ratify the convention. Each nation is to. subscribe capital stock, which will total a thousand shares, in proportion to its foreign trade in 1938. The United States, Argentina, and Brazil will be the largest bloc, with 50 shares each.
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Evening Post, Volume CXXIX, Issue 33, 8 February 1940, Page 9
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136BANK FOR AMERICAS Evening Post, Volume CXXIX, Issue 33, 8 February 1940, Page 9
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