Venezuelan President Hugo Chavez announced Saturday the creation of the South Bank with a capital of 20 billion U.S. dollars to benefit South American and African countries.

He made the announcement at the Second Summit of Africa-South America, which began Saturday with the participation of delegates from 61 countries in the two regions.

Under the theme "Closing the gap, opening up opportunities", the summit is aimed at boosting the cooperation of the participant countries, facing the food, financial, economic and environmental crisis, and strengthening agreements and plans of action started in 2006 at the first Summit, held in Abuja, Nigeria.

(Xinhua News Agency September 27, 2009)