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Venezuela, Iran agree to establish $2bn investment fund

TEHRAN, Jan. 17 (Mehr News Agency) -- Venezuela and Iran have agreed to establish a $2 billion fund to finance investment projects in other countries.

Iranian President Mahmoud Ahmadinejad, who has just started a second trip to Latin America in four months, and Venezuela's President Hugo Chavez, have presented the plan to create the joint fund.

Meanwhile, Venezuelan Finance Minister Rodrigo Cabezas, said that the South American country's National Development Fund has allocated one billion dollar for preliminary capital of the fund, the Persian service of ISNA reported here, on Wednesday.

The fund is expected to officially begin operation during the next month visit of Hugo Chavez to Tehran, informed sources maintain, the report said.

According to the Venezuelan finance minister, the fund will help boost bilateral trade between the two nations and provide incentives for the private sectors of the friendly countries, the report added.

... Payvand News - 1/18/07 ... --

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