The event in Cumaná celebrated the title won by boxer Francisco "Morochito" Rodríguez in the light flyweight division at the Mexico City 1968 Games.

Rodríguez, now aged 75, defeated South Korea's Jee Yong-ju in the final.

To celebrate the anniversary, his house in Cumaná, his home town, was refurbished. 

As well as Álvarez, several Venezuelan boxers and other Olympic athletes joined in the festivities.

"We from the Venezuelan Olympic Committee believe that Francisco Rodríguez is for the whole country, for sports and all its federations and especially athletes, a sample of humility, simplicity and companionship," said Álvarez.

Dr. Luisa Benítez, President of the Venezuelan Boxing Federation, added: "We are very happy because we were able to make his dream come true, of having his little house in a good condition where he lived for many years here in Cumaná. 

"We know that this has always been his dream, we thank God and all those who contributed to give this joy to Morochito.

"I share with you my happiness to give a small joy to this wonderful being, a being that has given so much to our country, thank you my dear brother Morochito."

Venezuela has won just one Olympic gold medal since Rodríguez's success.

The country had to wait until London 2012, where fencer Rubén Limardo won the men's épée title.