Shaking up Development Finance in Latin America C. P. Chandrasekhar & Jayati Ghosh. It took a while to get formalised, and even now there are several hurdles to be crossed before it becomes operational. Nevertheless, the signing of the agreement on December 9, 2007 in Buenos Aires, to create the Banco del Sur is a very welcome sign that the complacent world of development finance run by the Bretton Woods lending institutions is about to get some much-needed shocks. The Banco del Sur is a pet project of the President of Venezuela, Hugo Chavez, who has seen it as an important means of reducing the influence of the IMF and World Bank in imposing neo-liberal economic policies with adverse consequences upon developing countries. While it has global aspirations, the current focus is on Latin America, where it is also seen as part of the moves towards greater regional integration and reduced dependence upon the United States.