MANAGUA Iranian President Ebrahim Raisi arrived in Nicaragua on Tuesday, according to state media, marking his second stop on a three-nation Latin American tour.

Nicaragua's Foreign Minister Denis Moncada received Raisi at the airport, state media said, adding the Iranian leader traveled with his wife and a delegation made up of ministers and officials.

Raisi had earlier visited Venezuela, where he pledged to increase bilateral trade to $20 billion, from $3 billion, within an unspecified time frame.

Both countries signed a memorandum of understanding to expand cooperation in petrochemicals with a view to carrying out joint projects, building on their cooperation in oil.

He is set to travel next to Cuba.

(Reporting by Ismael Lopez; Writing by Valentine Hilaire; Editing by David Alire Garcia)