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Updated Monday, August 11, 2008 0:00 am TWN, AFP

Venezuela, Iran to loan Bolivia money for firm

LA PAZ -- Venezuela and Iran are to loan Bolivia US$225 million to create a state cement company for the construction of roads and houses, the deputy minister for small and medium business, Eduardo Peinado, said Saturday.

The deal was made between Bolivian President Evo Morales, Venezuelan ambassador Julio Montes Prado and an Iranian business official Hojjatollah Soltani, he said.

Peinado said the state company to be formed would use the credit to build two plants in the southern Andean cities of Oruru and Potosi that would produce a total 700,000 tons of cement per year.

The deal has a political dimension: One of Morales’s political opponents, Samuel Doria Medina, currently controls cement production in Bolivia through several private companies.

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