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 Foreign investment in Paraguay nearly disappeared in 2002. After direct foreign investment of US$84 million in 2001, only US$9 million in investment came from abroad in 2002. This drop was largely the result of the financial crisis in Argentina and the banking collapse in Paraguay. Direct foreign investment rebounded in 2003, reaching US$90.8 million for the year. Paraguay has depended on the International Monetary Fund (IMF) and World Bank for economic development assistance. The World Bank has promised Paraguay assistance totaling US$325 million between 2003 and 2007. Projects currently underway in Paraguay aim to improve education, transportation, and rural development.