Iran has extended a credit line of more than $250 million to Bolivia as development aid.
Iranian Minister of Industries and Mining Ali Akbar Mehrabian announced this week in a press conference that he signed the deal with Bolivian officials while on a visit to the capital city of La Paz.
The loan has no use restrictions. But Mehrabian says it could fund mineral exploration and the development of the textile industry.
Bolivian President Evo Morales announced that the Development and Planning Minister Viviana Caro will travel to Iran at the end of September to thank the Islamic republic for their assistance.
Mr. Morales spoke with Akbar on Monday to discuss expanding bilateral ties.
In the meeting, Mr. Morales called on Iran and Venezuela to join together in ending the "unilaterialism" of the world powers. Iran is under four sets of U.N. sanctions for its refusal to stop enriching uranium. Iran says its nuclear ambitions are solely peaceful.
Mr. Morales also condemned the U.N. sanctions on Iran during the press conference.
Iran is under four sets of U.N. sanctions for its refusal to stop enriching uranium. Separately, the United States and the European Union have imposed penalties that target exports of gasoline and other refined petroleum products to Iran, cutting off many potential suppliers.