Pilar, Paraguay Pilar, Paraguay Pilar () is the capital city of the Paraguayan department of Ñeembucú, located along the Paraguay River in the southwestern part of the country. Located about from Asunción, Pilar serves as an important center of commerce and government for the far southwestern region of the country. Pilar was founded by Pedro Melo de Portugal on October 12, 1779. The original name of the settlement was "Villa del Ñeembucú", named for the nearby Arroyo Ñeembucú that flows into the Paraguay River. Four years later it was renamed "Villa del Pilar" by Spanish priest Marcial Antonio Uliambre, for the Basilica
Economy of Paraguay Most of Paraguay's trade takes place with Uruguay, Brazil and Argentina. In 2002 Paraguay conducted more than US$400 million in trade with Argentina and nearly US$800 million with Brazil. Paraguay is also a member of the Inter-American Development Bank, Latin American Integration Association, and Latin American Economic System and a signatory to the agreement creating the South American Community of Nations. In 2004 Paraguay signed an energy cooperation agreement with Venezuela to purchase oil and petroleum. Venezuela agreed to concessional financing that allowed Paraguay to pay over a 15-year period at a nominal interest rate. Imports totaled US$3.3 billion in