Colombia puts off joining Bank of the South

BOGOTA, Dec 5 (Reuters) - Colombia said on Wednesday it will not participate in this weekend's inauguration of the Bank of the South, a development bank proposed by leftist Venezuelan leader Hugo Chavez as an alternative to the World Bank.

The move follows a diplomatic spat between the two neighboring Andean countries last month after Colombian leader Alvaro Uribe fired Chavez from his role as mediator in hostage swap talks with Colombian guerrillas.

"Maybe later when we know the details and the conditions of participation," Colombian Foreign Minister Fernando Araujo told local radio.

Before joining the bank, he said Colombia must know more about the financial commitment the country must make to the institution. Seven South American countries are set to join the bank in Sunday's ceremony in Buenos Aires.

Chavez said he would have nothing more to do with the conservative Colombian leader after Uribe ordered him on Nov. 21 to stop negotiating a possible hostage deal with left-wing Colombian rebels. (Reporting by Javier Mozzo Pena, writing by Hugh Bronstein; Editing by Leslie Adler)