ALBA, formally the
Bolivarian Alliance for the Peoples of Our America , is an
intergovernmental organization based on the idea of the social, political and economic integration of the countries of
Latin America and the
Caribbean. The name "Bolivarian" refers to the ideology of
Simón Bolívar, the 19th-century South American independence leader born in
Caracas who wanted
Hispanic America to unite as a single "
Great Nation." Founded initially by Cuba and Venezuela in 2004, it is associated with
socialist and
social democratic governments wishing to consolidate regional economic integration based on a vision of social welfare,
bartering and mutual economic aid. The eleven member countries are
Antigua and Barbuda,
Bolivia,
Cuba,
Dominica,
Ecuador,
Grenada,
Nicaragua,
Saint Kitts and Nevis,
Saint Lucia,
Saint Vincent and the Grenadines and
Venezuela.
Suriname was admitted to ALBA as a guest country at a February 2012 summit. ALBA nations may conduct trade using a virtual regional currency known as the
SUCRE. Venezuela and Ecuador made the first bilateral trade deal using the Sucre, instead of the US dollar, on July 6, 2010.
