The Bolivarian Republic of Venezuela has called for the establishment of functional institutions to foster South-South integration.

The foreign minister and leader of the Venezuela's delegation to the recently concluded summit of Africa and South America in Nigeria's capital Abuja, Mr. Nicholas Maduro told Daily Trust in an interview that to bring financial autonomy to the two regions, there will be urgent need to establish bank of Africa and South America.

He said that such further measures will also go to the energy sector in order to recover full control of it and added that a University of the South and television station of the South respectively, would strengthen co-operation in education and communication areas that are vital for the integration.

Mr. Maduro described the summit as having laid out the basic concept for the integration of the two regions that are faced with similar challenges to fight against poverty and accelerate social and economic development.

According to him, the Africa-South America Co-operation Forum which was established in the aftermath of the historic summit as permanent mechanism for the constant interactions of the two regions is a great leap forward.

The Venezuelan foreign minister denied any suggestion that his country is in conflict with United States but said that the US elites is in conflict with the whole world, adding that his country has already taken a principled stance against the hegemonic ambition of the Washington elites.

He said his country's affirmation of the historic significance of the summit accounts for her determination to host the second summit in Caracas in 2008.

Mr. Maduro called on his fellow summiteers to be on their guard as forces that are historically opposed to the south-south solidarity and co-operation will attempt to derail the fresh effort being built through the Co-operative Forum.

The resolutions, declarations and plan of action adopted at the Abuja summit echoed the call made by the Venezuelan leader, President Hugo Chavez last June at the summit of Africa Union leaders in Banjul, Gambia, where he strongly advocated for the evolution of institutions that would positively drive the South-South co-operation.