TEHRAN: Talks are underway with Venezuela on the establishment of a joint bank or investment fund, said a senior official at the Ministry of Industries and Mines here on Tuesday.

Mohsen Shaterzadeh, deputy minister for economic and international affairs, told Fars news agency that the new venture is estimated at one billion dollars.

"Financial resources of this fund or bank will be used for investment in joint projects," he said, stressing that the two countries have so far signed 90 cooperation agreements and memoranda of understanding worth $7.5 billion," he said.

The official recalled that half the investments made in Venezuela's tractor manufacturing and auto industries belong to Iranian companies.

Asked whether there are any guarantees regarding the security of Iranian investments given the upcoming presidential elections that might lead to a change in the leadership of the Latin American country, Shaterzadeh said Iran has not invested in all its projects in Venezuela.

"In many cases, like the Sadra offshore oil company's activities, the Venezuelan side has made the entire investment." He assured that there is no cause for concern as far as the security of Iran's investments in that country is concerned.           

منبع:Iran . Daily