Iran

May 2008 | Ratings Update

Iran and Venezuela have said that they will launch a joint bank to fund development projects in both countries, in a move that highlights the growing economic and political ties between the two. The new bank will have an initial capital of US$1.2bn - with each country committing half the funds - and be located in the Iranian capital Tehran. The two countries have grown more ideologically aligned in recent years, with both Iranian President Mahmoud Ahmadinejad and his Venezuelan counterpart Hugo Chavez making a number of visits to each other's capitals. Indeed, the two have united in their anti-American

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