Venezuelan President Hugo Chávez is ready to deposit at least 10 percent of his country's international reserves in the Banco del Sur.

"We are prepared to move at least 10 percent of our reserves. Let the other countries do the same and let us organize a bank that will begin as a modest institution, but in five-six years we will need neither the World Bank nor begging around the world," Chávez said, as quoted by the Venezuelan official news agency ABN.

Chávez' remarks came in Quito, Ecuador, where he attended the inauguration of Rafael Correa as Ecuadorian President. "Enough is enough; we are going to take decisions with a strategic liberating reach. We are going to transfer reserves and create a South American bank."

President Chávez ended his visit to Quito by making a joint statement with his Ecuadorian counterpart launching a new stage in bilateral relations.

Venezuela is to open an adviser's office of the Venezuelan Bandes (Economic and Social Development Bank). Caracas is also creating an economic and financial cooperation fund with a starting sum of USD 25 million, out of which USD 15 million have been earmarked to fund loans for cooperatives.