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Latin America and the Arab League plan to form a joint investment bank. The move was agreed upon during the third
Summit of South American and Arab countries
(ASPA) in Peru in October 2012.
The bank will integrate national banks and will have the potential to finance common projects between the Union of South American Nations and the Arab League.
The third summit of around thirty two countries, which was adjourned from February 2011 due to Arab Spring protests, was intended to focus on economic and political cooperation. The Syrian crisis, however, dominated much of the discussion.