Forex Exclusive

On Friday, 3rd April 2009

Iran, Venezuela inaugurate joint bank

Iran and Venezuela have inaugurated their first joint bank to finance joint development, economic, industrial and mining projects.
The joint bank is based in the Iranian capital and has a preliminary capital topping 200 million dollars.
"The capital will be raised to 1.2 billion dollars with the aim of supporting joint economic, industrial and mining projects as well as speeding up the current projects," Iranian media reported on Friday.
The two countries have enhanced their business relations in the wake of the current global economic crisis to stave off trade and industry woes intensified by the world's frozen banking sector.
Upon meeting Venezuelan President Hugo Chavez in Tehran on Thursday, Iranian President Mahmoud Ahmadinejad pledged to create financial viability in the countries' fiscal transactions.
"Iran and Venezuela ties have introduced a common revolutionary front ... in the world," Ahmadinejad said.
For his part, the Venezuelan leader echoed Ahmadinejad's vows on his sixth state visit to Iran, noting that the two nations will "further strengthen their trade cooperation" to tackle the global economic recession.
Chavez, a vocal critic of the global capitalistic system, is scheduled to leave Tehran for Tokyo to hold talks with Japanese officials.