from the page: "..At the end of the summit's first day, Venezuelan President Hugo Chavez announced that member countries had agreed to contribute 1% of their international reserves toward the bloc's main bank in order to create a reserve fund. The Bank of the Alba was established in 2008 with the intention of providing economic support to people-centred regional projects and to contribute to sustainable social and economic development across the region. The Bank is also cited as acting as a continental alternative to the International Monetary Fund... The heads of state also discussed the possibility of increasing the commercial use of the sucre, the bloc's virtual currency. The sucre is currently used for direct trading between the ALBA countries, allowing them to circumvent the U.S dollar and minimise the foreign-exchange risk.