Ortega welcomed Raisi and his accompanying delegation in an official ceremony held at the Olof Palme Convention Centre on Tuesday evening local time.
After the ceremony, the two presidents gave a speech to the people of Managua.
The two presidents are slated to hold bilateral talks soon afterward.
President Raisi left Caracas for Managua earlier in the day after meeting with top Venezuelan officials, including President Nicolas Maduro.
He is also scheduled to visit Cuba where he will conclude his Latin American tour later this week.
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