Iran, Venezuela to Establish Joint Bank

12SADASD19.jpgTEHRAN (FNA)- Iran announced it is reviewing the launch of a joint development bank with Venezuela.

“Iran and Venezuela have positive cooperation and are currently reviewing the launch of a joint bank after five meetings held on this issue so far,” Venezuelan Planning and Development Minister Haiman El Troudi told MNA in Isfahan on the sidelines of a meeting of the OPEC Fund for International Development last week.

A sixth meeting to further assess the project will be held next year in Iran, El Troudi said. The new development bank would be based in Tehran and would have $1.2 billion available in initial investment funds to finance projects in areas such as infrastructure, housing and technology.

In recent years, Iran has assisted Venezuela in the construction of food plants, cement factories and housing construction. The Islamic Republic has also exported tractors to Venezuela and manufactured bicycles there.

El Troudi said that by the end of 2008, over 30 joint industrial projects with Iran will be underway in Venezuela, including an auto manufacturing plant with an estimated capacity to produce 10,000 vehicles a year.

Political observers believe it is much interesting that just as Tehran and Caracas announced the new deal, the US has started making new charges about Hezbollah activity in Venezuela.

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