Venezuela, Iran to set up joint fund for social projects
Venezuela and Iran agreed on Wednesday to set up a joint fund of 200 million U.S. dollars for social projects, businesses and trade, Venezuela's Finance Ministry said.

Under the agreement, the two countries will contribute at least 15.5 million dollars in their first deposit within 15 days and build up the fund gradually afterward.

A high committee will be formed to work out guidelines for projects. Contributors will range from individual citizens to public institutions, according to a statement by the ministry.

The agreement was signed after an Iranian delegation arrived in Caracas Tuesday in a latest sign of strengthened ties between the two countries, which had recently agreed to work together to produce tractors, auto parts and cement.

Venezuelan Deputy Planning Minister Eudomar Tovar and Iran's Export Development Bank chief Nowrouz Kohzadi attended the signing ceremony of the agreement.