The Fondo Cultural del ALBA was created through an agreement signed on February 3rd 2006, by the Presidents of the Bolivarian Republic of Venezuela and of the Republic of Cuba, commanders Hugo Chávez Frías and Fidel Castro Ruz, during the International Book Fair of Havana, that came as a result of the agreement signed during the First Meeting for the Application of the ALBA, celebrated in Havana, Cuba, in April 2005.
This Institution was born as an expression of the will of both countries to favor the development of the cultural industries of the Region in order to generate a bigger autonomy for the artistic and literary creation, as well as provide opposite alternatives to the hegemonic entertainment industry through the joint work of the most valuable creators and institutions of Latin America and the Caribbean.
On January 22nd 2007, the FCA was inscribed in the V Commercial Register of Caracas, and in June of that year starts to operate in that city.
During the V ALBA Summit, celebrated in Barquisimeto, Venezuela, in April 2007, it was approved the Fondo Cultural del ALBA to work as a Grand National Project, that propitiated the beginning of a steady interchange with the cultural Authorities of the involved countries.
The VI ALBA Summit, celebrated in Caracas in January 2008, ratified the will of the highest Authorities of the countries involved in the ALBA to conceive culture as an essential factor for the integration of the Region, through the approval of the Strategic Plan of the ALBA Cultural as a Grand National Project with a priority status. By taken that decision the cultural Authorities laid the foundations for the conception of the Fondo Cultural del ALBA as a Grand National Company and agreed to employ this Institution as a key tool for the execution of the political and cultural decisions to be assumed in this area.
During the first quarter of 2009, with the creation of the ALBA Bank, the Grand National Project was given a status of maximum priority, and it is agreed to deliver the approved credit for the first stage of its execution.
The V Extraordinary ALBA Summit celebrated on 16th-17th April 2009, in the city of Cumaná, Venezuela, established the guidelines for the definition of a priority policy for culture. It was in this Meeting where the participant countries presented the ALBA Prize for the Work of a Lifetime in Arts and Literature to the Bolivian director Jorge Sanjinés and the Cuban poet and essayist Roberto Fernández Retamar.