29 Mar 2024
Sunday 28 June 2015 - 17:34
Story Code : 169661

Iran confirms giving $500mln credit line to Venezuela

TEHRAN (Tasnim) Iran's Minister of Industry, Mine, and Trade Mohammad Reza Nematzadeh announced on Sunday that Tehran has agreed to give a $500 million credit line to Venezuela to finance joint investments.

The Iranian administration has decided to open a credit line for Venezuela, Nematzadeh said during a press conference in Tehran on Sunday.

He said that with the credit line, part of Venezuela's needs will be met and some of the money owed to construction companies will be paid.

Nematzadeh added that the framework for the credit line has been set out and even final agreements have been drafted but the Venezuelan side has said it needs some more time to consider the issue.

Earlier on Friday, Venezuelan President Nicolas Maduro said his country had signed an agreement with Iran for a $500 million credit line to fund joint investments and help improve supplies of goods "necessary for the Venezuelan people".

He made the announcement after a meeting with Nematzadeh in Caracas where the two sides signed six agreements to expand financial, economic, industrial and technological cooperation.

In recent years, Iran and Latin American countries, especially Venezuela, have expanded friendly ties in different political, economic, trade and industrial fields.

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.

By Tasnim News Agency
https://theiranproject.com/vdciq3azzt1aqq2.ilct.html
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