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Iran aims to boost Bolivia ties Iran in $1bn Bolivia oil pledge
(about 5 hours later)
The President of Iran, Mahmoud Ahmadinejad, is in Bolivia as part of a mini-tour to consolidate relations with friendly countries in the region. Iran's leader Mahmoud Ahmadinejad has promised $1bn (£493m) to help Bolivia exploit oil and gas reserves.
He is meeting Bolivian President Evo Morales on a visit lasting a few hours. Mr Ahmadinejad made the pledge to his Bolivian counterpart, Evo Morales, during a brief visit there - part of a mini-tour to Latin American nations.
Bolivia's opposition has criticised the meeting and the United States has made its displeasure known. Mr Morales said their two countries would "work together from this day on".
What will worry Washington most is that the Bolivians are talking about exploiting their uranium deposits which can be used in the nuclear industry. Mr Ahmadinejad later flew to Venezuela to meet President Hugo Chavez, his main ally in Latin America. He will also visit Ecuador and Nicaragua.
Unlikely alliance The tour follows his address to the UN General Assembly in New York.
The US ambassador to La Paz has criticised the meeting, while the Bolivian opposition has said there are no economic, cultural or historical reasons to justify the visit by the president of what they call a state that promotes terrorism. 'Deep relationship'
President Morales said the two leaders would be signing commercial accords, not what he called "agreements of death". Mr Ahmadinejad's visit to Bolivia lasted only five hours.
At first glance an alliance between Iran and Bolivia is an unlikely one - two countries at opposite ends of the earth with little in common. At the meeting, the two presidents formally re-established diplomatic relations between their countries and agreed to design a five-year industrial co-operation accord with a $1bn investment.
However, Bolivia has oil and natural gas reserves but lacks the resources to fully exploit them. We'll get rid of the poverty in our lands and give well-being to our peoples, and the people of Bolivia and the people of Iran will emerge victoriously Mahmoud Ahmadinejad
Iran has the resources and is keen to develop alliances with countries that have shown their independence from the influence of the US. Mr Morales's spokesman, Alex Contreras, said they also agreed to spend up to $100m (£49m) on technology, trade and industrial promotion.
President Ahmadinejad has met the Bolivian leader several times on recent visits to Latin America where he is also developing ties with the presidents of Venezuela, Ecuador and Nicaragua. Afterwards, Mr Ahmadinejad called the Bolivian leader his "dear brother" and said the trip was "the start of a deep relationship between both governments".
"We'll get rid of the poverty in our lands and give well-being to our peoples, and the people of Bolivia and the people of Iran will emerge victoriously," he said.
Mr Morales responded with a promise that their nations would "work together from this day on, for our people, for life and for humanity".
He also dismissed concerns expressed by Bolivia's opposition groups that the country should not have welcomed the president of what they call a state that promotes terrorism.
"Bolivia has the right to have diplomatic relations with Latin America, Europe, Africa, and the Middle East. We will never promote war... but nor do we accept that in the name of peace, the criteria of the strongest prevails," he said, seemingly referring to Washington, which made its displeasure known.
The BBC's South America correspondent, Daniel Schweimler, says Iran is keen to develop alliances with countries that have shown their independence from the influence of the US.
Reports suggest Mr Ahmadinejad was also interested in the Andean nation's reserves of uranium for use in Iran's nuclear industry, our correspondent says.