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Iran to invest $450 million in Lebanon

One week ahead of Iranian President Mahmoud Ahmadinejad’s trip to Lebanon, Iran agrees to invest USD 450 million in Lebanon’s water and energy sectors.

The agreement was signed on Friday by Lebanese Minister of Energy and Water Jibran Bassil and his Iranian counterpart Majid Namjou in Beirut, Mehr News Agency reported, citing an As-Safir report.

Iran has expressed its readiness to help boost Lebanon’s economy by undertaking dam construction projects, helping the country with oil and gas explorations and exporting oil and gas derivatives.

President Ahmadinejad is scheduled to pay an official visit to Lebanon in October. It would be the first such trip since he took office in 2005.

During the Iranian president’s two-day visit to the Mediterranean country, Iran and Lebanon plan to sign two Memoranda of Understanding on oil and gas projects.

Ahmadinejad is expected to meet with Lebanese President Michel Sleiman, Prime Minister Saad Hariri, and Parliament Speaker Nabih Berri as well as leaders of the Hezbollah Resistance Movement.

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