Iran approves $280 million loan for Bolivia

AP: Iran's top diplomat in Bolivia says the Islamic republic has approved a $280 million low-interest loan for President Evo Morales' government to use as it sees fit. Gas and oil exploration are possibilities.

The Associated Press

LA PAZ, Bolivia (AP) — Iran's top diplomat in Bolivia says the Islamic republic has approved a $280 million low-interest loan for President Evo Morales' government to use as it sees fit. Gas and oil exploration are possibilities.

Masoud Edrisi told The Associated Press on Wednesday 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.