Spain and Qatar plan to sign a an agreement to form a $1 billion joint investment fund that would help the Gulf state invest in Latin America, said a senior official in a report.

Ignacio Escobar, Ambassador of Spain to Qatar, said that the negotiations on the agreement have been stalled for almost a year by political uncertainty in Spain, added the Oman Tribune report.

He added that the negotiations could resume once a new minister of trade has been appointed.