Venezuela and Iran to create binational bank

Thanks to David Weston, this news is political dynamite par excellence:

World News
Venezuela and Iran to Create Binational Bank
By News Bulletin
May 24, 2008, 15:11

May 20, 2008

Basing on the agreements signed between the Islamic Republic of Iran and the Bolivarian Republic of Venezuela in March 2007, both nations will create the Venezuelan-Iranian Binational Bank aimed at financing economic, commercial and social programs and projects for mutual benefit.

According to the Approbatory Law published in Official Gazette nº 38,933, dated May 19, 2008, the headquarter of this bank will be in Teheran and it could establish the bureaus or representatives necessary for the development of its functions.

The initial resources of the Binational Bank amount to $1.2 billion. Every party will contribute with $ 600 million initially taken from the capital set aside for the creation of the Venezuelan-Iranian Binational Fund for Development Financing and the Venezuelan-Iranian Investment Fund.

The Fund’s headquarter will be located in Caracas and it will be able to open the necessary bureaus and the initial capital amounts to $1,000.000 to be equally contributed by each party.

The financing granted to the Unique Social Fund will be administrated by this new fund; and the terms, payment conditions and guarantees established in the agreements previously signed will be respected.

Bolivarian News Agency (ABN)

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