Bolivian President-elect Evo Morales says Spain has agreed to forgive most of Bolivia's $120 million debt.

Following a meeting with Spanish Prime Minister Jose Luis Rodriguez Zapatero in Madrid Wednesday, Mr. Morales said the debt would be forgiven in exchange for investment in education programs.

Mr. Morales said his country welcomes foreign investment, but will not relinquish control of its natural resources.

He also reiterated plans to nationalize the natural resources, but said that does not mean the government will confiscate assets.

Mr. Morales was in Spain for meetings with top government officials and King Juan Carlos.

Spanish Foreign Minister Miguel Angel Moratinos told Mr. Morales that Spain wants to see a strengthening of political, economic and social stability in Bolivia.

Mr. Morales is on a 10-day world trip that will include stops in China and Brazil. He will take office January 22.

Some information for this report was provided by AFP, AP, and Reuters.