President Mahmoud Ahmadinejad and his Venezuelan counterpart Hugo Chávez attended the inaugural ceremony. The move took place during Chávez’s trip to Iran as part of the agreement signed between the two countries in March 2007, the Mehr News Agency reported. The bank, which the countries say will be an alternative to institutions like the International Monetary Fund and the World Bank, is to start operating with an initial capital of $1.2 billion with each party funding...

Iranian President Mahmoud Ahmadinejad will visit Venezuela next month to discuss creation of a joint mining company and other bilateral issues, Venezuelan President Hugo Chavez said Friday. "We agreed yesterday that the Iranian president will come to Venezuela in May to give an impetus to bilateral relations," Chavez told local TV in a telephone interview from Tehran, where he is visiting. He said the joint mining company will produce six minerals, and the two sides will finalize...

TEHRAN (AFP) - Iran's supreme leader Ali Khemenei hailed on Saturday as a "courageous" step the Venezuelan government's decision to cut ties with Tehran's archfoe Israel over the Gaza war. Venezuela expelled the Israeli ambassador in January to protest the Israeli invasion of the Gaza Strip that left more than 1,400 Palestinians dead. Khamenei "hailed the courageous stance taken by the Venezuelan president in cutting ties with the Zionist regime," in a meeting with the...

Venezuelan President Hugo Chávez and his Iranian counterpart, Mahmoud Ahmadinejad have urged countries to replace free trade agreements (FTA) with a ‘fair trade’ model which focused on country-specific needs by taking into account each country’s market realities. Chávez termed the present global economic crisis as a spectre and a cancer which even affected the relations among nations. Iran and Venezuela have jointly opened a bank to facilitate funds for...

Basic Industries & Mining (Mibam) Minister Rodolfo Sanz says that primarily by means of international cooperation and solidarity, President Chavez' visit to Iran should be seen as the starting block for a series of business projects that will benefit the majority of Venezuelans. Sanz has been attending a joint Venezuela-Iran commission on the fringe of formal representations between both countries. VHeadline Venezuela News: Sanz says that the most significant result from Chavez' visit...

President Chavez arrived in Iran Wednesday and is expected to meet Iranian President Mahmoud Ahmadinejad today, VOA reports. The Venezuelan president will also launch a joint development bank with Iran with a starting capital of $200 million, according to the AP. Venezuela recently created similar bilateral development funds with China ($12 billion) and Russia ($4 billion), and is also involved in the creation of a multilateral fund called Bank of the South with South American countries. ...

Venezuelan President Hugo Chavez arrived in Iran Wednesday for talks with officials on bilateral issues. Reports say he is expected to meet with Iranian President Mahmoud Ahmadinejad on Thursday as well as launch a joint development bank and bilateral investment fund. Mr. Chavez' visit to Iran follows a meeting with Latin American and Arab leaders in Qatar. The Venezuelan president has made several trips to Iran since Mr. Ahmadinejad took power in 2005. Both leaders have forged close ties. ...

An administrator at Venezuela's biggest mosque says thieves have ransacked its offices, stealing jewels, computers and other objects and throwing books across the floor. Muhammad Ali Bokhair says it is the second time since September that the Ibrahim Al-lbrahim mosque has been robbed. The theft took place early Monday morning. No suspects have been identified. The mosque is located in downtown Caracas, where a scant police presence makes robberies and murders relatively common. The Ibrahim...

WASHINGTON - Iran is increasing its presence in Latin America, and Hezbollah, a terrorist organization it sponsors, is making inroads in drug trafficking in Colombia, the commander of U.S. Southern Command told Congress today. Navy Adm. James G. Stavridis told the House Armed Services Committee he shares concerns expressed by Defense Secretary Robert M. Gates about Iranian activity in Central and South America. Iran has opened six embassies in the region during the past five years and is...

The commander of U.S. forces in Latin America says the Iranian-backed Lebanese militant group Hezbollah is involved in drug trafficking in Colombia. The admiral is worried about increased Iranian and Hezbollah activities throughout the region. At Senate Armed Services Committee hearing on Tuesday Admiral James Stavridis accused Hezbollah of involvement in the drug trade. "We have seen in Colombia a direct connection between Hezbollah activity and the narco-trafficking activity," he...