Venezuela: Iran to finance 25 factories

Tehran, 24 Sept. (AKI) - Venezuelan President Hugo Chavez has announced that 25 Iranian-built factories will open in the country in the near future.

The factories announced by Chavez in a televised speech will draw on Iranian technology and financial backing.

The factories will include corn flour mills, cement plants, dairies, automobile parts manufacturing units and petrochemical plants.

Economic and political cooperation between both countries has grown tremendously in the past three years.

Iran and Venezuela have also created a joint 2 billion dollar fund to finance investments in friendly third countries and has financed seven projects in Bolivia, Nicaragua and Cuba in the past few months.


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