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Iran approves $280 mn loan for Bolivia

Last Updated: Thursday, July 30, 2009 - 11:57

La Paz: Iran`s top diplomat in Bolivia says the Islamic republic has approved a USD 280 million low-interest loan for President Evo Morales` government to use as it sees fit. Gas and oil exploration are possibilities.
Masoud Edrisi said that loan`s terms have not yet been set.

Iran established diplomatic ties with Bolivia in late 2007 and Iranian President Mahmoud Ahmadinejad visited last year. The country has sold Bolivia Venezuelan-made tractors, built dairy plants and offered to help finance a state-owned cement factory.

Edrisi says Iran now has 11 embassies in Latin America, staffed by a total of less than 50 diplomats. He says the Caracas embassy is the largest with 12 officials.

Bureau Report

First Published: Thursday, July 30, 2009 - 11:57
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