The Iran-Venezuela Bi-national Bank Launched

The president of the new financial institution, Kurosh Parvizian, noted that this institution is a smart project in the face of the international economic crisis.  The creation of a bi-national fund, which will have a capital of 1.2 billion dollars, will strengthen Venezuela’s strategic alliance with Iran and South-South cooperation.

The president of Venezuela, Hugo Chávez, and his Iranian counterpart, Mahmoud Ahmadinejad, inaugurated the Iranian-Venezuelan bi-national bank on Friday, with a blessing ceremony in Tehran.

During his speech, President Hugo Chávez said that the decisions of the G20 were wrong because they strengthened organizations like the International Monetary Fund, which are the “causes of the crisis and hunger in poor countries.”

Also, Chávez added that one of the economic measures taken by the G20, “the proposal to inject one trillion dollars into the global economy,” will only benefit the free market system and made it clear that “everything that happens under the sun has its time,” referring to the end of capitalism.

For President Chávez, “the bank’s launch today means the creation of a new world,” and he commended the work of his counterpart Mahmoud Ahmadinejad and all the staff of his government.  “Here we are creating solutions to the financial crisis,” and “we are driving the growth of the social missions, to achieve the ultimate goal of the Islamic and Bolivarian revolution: independence and the birth of a new world.”

Chávez concluded with a reference to Bolívar’s phrase: “to achieve the greatest possible sum of happiness, I ask God: let it be thus.”

The president of Iran, Mahmoud Ahmadinejad, said that “we are witnessing a major step taken toward the fulfillment of our prayers” with the construction of works such as these, which reveal “a new future and a new world.”

Ahmadinejad reiterated that, whereas “capitalism builds failures, we are building new things.”  Because “the human ideas of imperialism are only for imperialists, therefore they do not offer new opportunities.”  He stated that the free market “perpetuates arrogance and indifference,” therefore it “must die,” “to make the full realization of brotherhood and justice possible.”

He added that “the new bank is a symbol of hope for all” and congratulated President Chávez “for his ideas to change humanity.”  He also thanked “the foreign ministers and the industry ministers, as well as the boards of directors who worked hard for this.”

In the words of Ahmadinejad, “we must continue to together overcome.”  “Long live the Bolivarian Revolution of Venezuela, and long live the Islamic Revolution of Iran,” he concluded.

Meanwhile, the president of this institution, Kurosh Parvizian, noted at the inaugural ceremony that the creation of this project is a smart move for both leaders in the face of the international economic crisis.  He added that this fund will lead to the funding of the projects of the two countries and other friendly nations.

Parvizian noted that the bank, which will have a capital of 1.2 billion dollars, began to conduct transactions.  He thanked “all who worked for this as well as Presidents Chávez and Ahmadinejad for their determination.”

He also saluted the work of the finance and foreign ministers of both countries, the president of the joint committees, and the respective ambassadors. He thanked the Central Bank of the Republic of Iran for issuing permits to build the financial institution that will “make Iran and Venezuela two countries that are always prosperous.”

The Iran-Venezuela Bi-national Bank starts with an initial capital of $200 million contributed by both countries and will finance projects in the two nations.

The original article “Inaugurado el banco binacional Venezuela-Irán” was published by YVKE Mundial on 3 April 2009.  Translation by Yoshie Furuhashi (@yoshiefuruhashi | yoshie.furuhashi [at]