21:19 GMT22 April 2021
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    Iran Lines Up $500 Million Loan to Venezuela

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    Tehran will provide $500 million credit line for Venezuela to finance joint investments there, President Nicolas Maduro announced on Saturday.

    He made the announcement after meeting Iranian Minister of Industry, Mining and Trade Mohammad Reza Nematzadeh in Caracas where the two sides signed six agreements to expand financial, economic, industrial and technological cooperation, Iran’s Press TV reported.

    The two countries plan for the joint production of commodity goods in Venezuela and the sale of Iranian medicine and surgical equipment in the oil-rich Latin American nation.

    Maduro said the two countries had also agreed to develop a joint program in nanotechnology two nations.

    Relations between Iran and Venezuela have expanded in recent years.

    Iran is involved in a series of joint ventures worth several billion dollars in energy, agriculture, housing, and infrastructure sectors in Venezuela.

    Iran’s main industrial projects in Venezuela include a car assembly plant, a tractor manufacturing complex and a cement factory.

    The Islamic Republic has also built more than 3,000 residential housing units for less privileged citizens in Venezuela, with 7,000 more to be completed, the Press TV report said.

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    Tags:
    joint projects, investment program, Iranian Miistry of Industry, Mining and Trade, Mohammad Reza Nematzadeh, Nicolas Maduro, Venezuela, Iran
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