GDP, the ranking was headed by Venezuela with US$6,890, and Suriname with US$5,869. Common Market One of the initiatives of Unasur is the creation of a common market, starting with the elimination of tariffs for products considered non-sensitive until 2014 and for sensitive products until 2019. The Initiative for the Integration of the Regional Infrastructure of South America is currently underway, with investments estimated at US$38 billion from the Inter-American Development Bank, the Andean Development Corporation, the National Bank for Economic and Social Development and the Financial Fund for Development of the Plata Basin. The initial integration plans through the infrastructure cooperation of UNASUR came with the construction of the Bioceanic Corridor and the Interoceanic Highway. The Pacific Highway, between Peru and Brazil, began to be built in September 2005, financed 60% by Brazil and 40% by Peru, and was completed in December 2010. Economic development Presidents of the seven founding countries (Argentina, Bolivia, Brazil, Ecuador, Paraguay, Venezuela and Uruguay) officially launched the South American Bank in Buenos Aires in December 2007. The heads of all the founding countries were at the ceremony, with the exception of President Tabaré Vázquez of Uruguay. The capital will be US$7b, with Venezuela responsible for US$3b and Brazil US$2b. The headquarters will be located in Caracas with offices in Buenos Aires and La Paz. The Bank of the South will finance economic development projects to improve local competitiveness and to promote the scientific and technological development of the member states. Its founding charter affirms that the bank will promote projects in a "stable and equal" manner and priorities will be oriented towards reinforcing South American integration, reducing asymmetries, and promoting an egalitarian distribution of investments. The Brazilian Minister, Guido Mantega, stated that the bank is not similar to the International Monetary Fund; it will be a credit institution similar to the World Bank. Monetary policy The Bank of the South (Portuguese: Banco do Sul, Spanish: Banco del Sur, Dutch: Bank van het Zuiden, English: Bank of the South) will establish monetary policy and finance development projects. One of the objectives of monetary union is to establish a Single South American currency. Support for the creation of this currency was provided in January 2007 by Peruvian President Alan García, and other South American authorities expressed themselves in favor, as Bolivian President Evo Morales in April of that year, who proposed that the currency Only one