CubaMinrex. Sitio del Ministerio de Relaciones Exteriores de Cuba

ALBA-PETROCARIBE Summit on World Crisis

VENEZUELA, November 27, 2008. The member countries of PETROCARIBE and the Bolivarian Alternative of the Peoples of Our America (ALBA) will hold a joint Summit on December 14 in Caracas, according to Venezuelan President Hugo Chavez.

The meeting is part of an ALBA Summit to find solutions from the South to the global financial crisis that affects both developed and underdeveloped countries.

Several initiatives were presented at the summit, including the creation of a monetary zone and a trade mechanism, and the possibility of establishing a common currency.

Presidents Evo Morales (Bolivia), Daniel Ortega (Nicaragua), Manuel Zelaya (Honduras) and Hugo Chavez (Venezuela), as well as Dominica's Prime Minister Roosevelt Skerrit, attended the Caracas Summit.

Also present at the summit were Cuban Vice President Ricardo Cabrisas and Ecuadorean President Rafael Correa. The latter was invited as a special guest, as his country is not an ALBA member.

The ALBA is an integration group with social goals, and PETROCARIBE is an energy agreement by virtue of which the countries of the region receive Venezuelan oil under privileged conditions. (Cubaminrex- PL)

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