HAVANA, Cuba (CMC):

The controversial Bolivarian Alternative for Peoples of the Americas (ALBA), Wednesday, opened a branch bank in Cuba, the first outside Venezuela.

According to a Granma newspaper note from the Cuban Central Bank, the institution will be implemented in early May after meetings with Working Commissions over the next 30 days.

The opening coincided with a two-day meeting of the Technical Commission and the Bank of the ALBA Ministerial Council, aimed at signing the bylaws of the entity, which will have an initial capital of US$1 billion.