PANAMA CITY (AP) The once-storied Iberoamerican Summit will now be held every two years rather than annually.
A working group headed by former Chilean president Ricardo Lagos made the recommendation at this year's summit in Panama City, which opened late Friday and continues Saturday.
The summit bringing together Spanish, Portuguese and Latin American leaders has suffered failing attendance in recent years. The current gathering drew only about half of the region's leaders.
The working group also recommended that Latin America countries increase their contributions to joint development projects.
Spain and Portugal currently finance 70 percent of such projects and Latin American nations 30 percent; their share would increase to 40 percent under the proposal.
