Correa, from Ecuador, attended as an observer, and he requested support for his proposal of not paying the foreign debt, since he considered it “illegal”. Chavez was in agreement and proposed to withdraw from the Interamerican Development Bank (IDB), and “make our own Bank”. He added that the CAF, (Andean Development Corporation), the financial arm of the Andean Community, handles credits just as the IMF, and for such reason he declared “that it should be closed down, take away the building to turn it into the Seat of our Bank”.
Concurrieron Cuba, Nicaragua, Bolivia, Honduras y Dominica. Correa, de Ecuador, quien asistió como observador, solicitó apoyo a su propuesta de no pagar la deuda externa por considerarla ilegal . Chávez estuvo de acuerdo y propuso salirse del Banco Interamericano de Desarrollo (BID) y hacer nuestro propio banco . Agregó que la CAF, el brazo financiero de la Comunidad Andina de Naciones, maneja los créditos al estilo del FMI, razón por la cual habría que cerrarla, quitarle el edificio para convertirlo en sede de nuestro banco .