Venezuelan President Hugo Chavez has proposed a new energy development project to the members of the Bolivian Alternatives for the Americas (ALBA), which includes Bolivia, Nicaragua, Cuba and Venezuela.

Speaking to reporters as he left an ALBA summit, Chavez said the project was aimed at guaranteeing energy supplies to the region for 100 years, alongside complementary public health and education projects.

The summit is held in Barquisimeto, a city 351 km west of Caracas.

Chavez made a similar proposal to the South American Energy Summit held in Venezuela's Margarita Island just over a week ago.

ALBA was formed in 2004 by Chavez and Cuban leader Fidel Castro to promote trade and cooperation and to oppose a U.S.-backed free trade area.

The fifth ALBA summit began on Saturday and ended on Sunday.