It is expected the signing of an agreement between Venezuela and Iran for the creation of a fund to finance economic and commercial projects in both countries. According to the Islamic Republic News Agency (Irna), about USD 1 billion will be invested in this fund.

Irna said in its website that this information was given by the Iranian Minister for Economic and International Affairs, Mohsen Shaterzadeh.

Caracas and Teheran has considered the establishment of a bilateral commission that will make recommendations on how to invest these funds.

The Venezuelan President Hugo Chávez has strengthened bilateral ties with Iran since he assumed power in 1999. Until date, both countries have signed ninety agreements and memorandums of understanding which are valued at USD 7.5 billion.

The Venezuelan leader made an appeal to reduce the export of raw materials such as steel and promote the development of local industries of his country for they benefit from the advantages of the value added.

Iran has installed in Venezuela a car and a tractor factory in Venezuela and has participated in the construction industry.

After attending the XIV Non-Aligned Summit in Havana, the Iranian President Mahmoud Ahmadinejad will make an official visit to Venezuela on September 17th.

منبع:UNGRAVITY