ALBA Summit, Major Agreements Signed

The first of the ALBA Projects consists of the implementation of teaching programs including literacy campaigns, higher education and professional training in several Latin American countries.

An agreement in the field of culture established the creation of an ALBA Cultural Fund, to expand the one existing between Cuba and Venezuela, and the opening of ALBA cultural centers in the capital of each member state.

The third project is ALBA-Fair Trade. It institutes the formation of companies for industrial supplies, import and export, as well as the development of a network of stores and warehouses for the commercialization of products.

This initiative also includes the realization of ALBA International Fairs and the creation of a center for the planning and execution of research projects aimed at increasing productivity.

Another accord is called ALBA-Finance. It introduces the establishment of an economic fund for cooperative investments.

Venezuelan President Hugo Chavez announced his country’s contribution of 250 million dollars to the fund which is open to the contributions of Nicaragua, Bolivia and Cuba, the other members of this regional integration project known as ALBA.

Other projects include the fields of telecommunications, food, transportation, healthcare, tourism, mining, industry, environment and energy.

In the area of energy, Chavez proposed an accord which will take the existing agreements among the ALBA members and Haiti to a higher level.

According to the Venezuelan leader, Venezuela will meet the demand for oil in the area, covering 50% of the price. Costumers will also have credit facilities and half of their payment will go into the ALBA fund.

Likewise, Chavez proposed the signing of an accord for the exploration, extraction and refining of oil in the region, along with the construction of a gas pipeline throughout the Caribbean islands including Cuba and Jamaica.

This agreement also seeks to boost the use of eco-friendly energy sources.

During the meeting, a group was structured to guarantee the fulfillment of the accords and the execution of the projects. The team is chaired by a Council of Presidents, along with a Council of Ministers and Social Movements and a permanent secretariat.
The group is also made up of several commissions responsible for political, economic, social, energy and environmental affairs.