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Last Updated: Friday, 2 February 2007, 02:14 GMT
Tycoon pledges more Nicaragua aid
Carlos Slim (left) and Daniel Ortega in Managua
Mr Slim (left) is estimated to have a $30bn fortune
Latin America's richest man, Carlos Slim, has agreed to invest more in Nicaragua after talks in Managua with left-wing President Daniel Ortega.

Mr Slim, a Mexican telecom tycoon, said he had a great deal of confidence in Mr Ortega's government, despite the Sandinista leader's revolutionary past.

Mr Ortega nationalised Nicaragua's industry during his previous period in power from 1979 and 1990.

He was re-elected last year after vowing to work to eradicate poverty.

Mr Ortega also said he would maintain strong ties with the business sector.

"We have confidence in the country, its government, its businessmen and in the economic possibilities," Mr Slim said after meeting President Ortega in Nicaragua's capital.

Mr Slim - who owns Mexico's telephone company Telmex - said he wanted to "significantly" increase his investments in Nicaragua.

This is the second such meeting with a leading business figure Mr Ortega has held in recent weeks.

Last week, he met the chairman of the US food giant, Cargill, Warren Stanley.

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