The presidents of Iran and Venezuela have agreed to spend billions of dollars to help other countries free themselves from what they describe as US domination. Hugo Chavez announced the plan in a speech on Saturday with Mahmoud Ahmadinejad.

The two also called for Opec to cut oil production to support falling crude prices. They had previously announced plans to establish a joint $2bn fund for projects in Venezuela and Iran but on Saturday they said that the money would also be used to help friendly third countries.

"This fund, my brother," Chavez said, "will become a mechanism for liberation." Chavez said the fund "will permit us to underpin investments ... above all in those countries whose governments are making efforts to liberate themselves from the [US] imperialist yoke ... Death to US imperialism."Ahmadinejad, who is on a tour of Latin America, said that Tehran and Caracas had the task of "promoting revolutionary thought in the world". "The reason for all the current problems is the erroneous direction of the powerful countries, where there is poverty, hate, enmity and war," he added.