Africa and South America start a new bi-regional integration stage after sealing economic, political and social accords during the Second ASA Summit, concluded in Isla Margarita on Sunday. 

This summit closed with the approval of the Margarita Declaration, a mechanism aimed at creating alliances in 14 strategic areas of development. 

The 19 African and eight South American statesmen attending the forum promised to defend multilateral ideas in international relations, and demanded to reform the UN Security Council. 

The meeting formalized the creation of the Bank of the South with an initial capital valued at $20 billion contributed by the governments of Argentina, Brazil, Uruguay, Ecuador, Paraguay, Bolivia, and Venezuela. 

The Venezuela State also inked accords with several African countries. 

Addressing the event, the South American leader announced the intention of creating the PETROSUR oil company for African and South American peoples. 

Presidents from Ecuador, Venezuela, Argentina, Cape Verde, and Libya created a strategic work sessions during the event, to evaluate what was agreed in the Margarita Declaration. 

Libya will host the next ASA summit, to be run in September 2011.