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Iran pledges $1 billion to Bolivia

LA PAZ, Bolivia, Sept. 28 (UPI) -- Iran has pledged $1 billion to Bolivia to develop the country's oil and gas deposits, La Razon newspaper reported online Thursday.

Iranian President Mahmoud Ahmadinejad announced his country's commitment Thursday during his one-day visit to Bolivia, where he met with Bolivian leader Evo Morales and formally re-established diplomatic ties between the two nations.

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Ahmadinejad later Thursday traveled to Venezuela to meet with President Hugo Chavez. The Iranian president is also scheduled to travel to Nicaragua and Ecuador.

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