African, S. American leaders attend summit

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Some 30 African and South American leaders have arrived in Venezuela for a summit.

The two-day meeting will address a wide range of common concerns, from solutions to poverty to calls for reforms at the UN.

The Venezuelan president has also pledged to put up funding for a new South American-African development bank.

The summit is being held on Margarita Island near the capital of Caracas.

The leaders will discuss plans for cooperation in trade, finance, agriculture, mining, and education.

As the host, Venezuelan president Hugo Chavez explained the significance of the summit, saying "in the 21st century the African Union and South America we will be truly great powers."

Deals to work together in tapping energy and mineral resources are also expected.

Chavez has already announced that Venezuela may help build an oil refinery in Mauritania that could process 30 to 40 thousand barrels per day.

The Venezuelan president pledged to put up funding for a new South American-African development bank.