Bolivia and Russia are set to sign a nuclear energy cooperation agreement later this month, the state Bolivian News Agency (ABI) reported Friday.

Bolivian Hydrocarbons and Energy Minister Luis Alberto Sanchez said that he will travel to Russia in the second half of the month to sign an agreement with Rosatom, the Russian atomic energy agency, to build a nuclear plant in the South American country, according to the ABI.

"We are going to sign an agreement, a memorandum with Rosatom, which is one of the leading nuclear energy companies," Sanchez said. "Because it has the know-how and all the experience necessary to help us in this."

The agreement is aimed at seeking Rosatom's involvement in the implementation of Bolivia's nuclear program, the ABI reported.

The minister said that Bolivia's program calls for initially applying nuclear technology for medical and industrial uses, "with the first research reactor ready by 2020."

Research reactors, according to the World Nuclear Association, are much smaller than power reactors and are basically neutron factories used for research, training, materials testing or production of radioisotopes for medicine and industry.

While in Russia, Sanchez will also attend the 19th St. Petersburg International Economic Forum to promote investment opportunities in the country's energy sector.

In October 2014, Bolivian President Evo Morales announced the construction of the country's first nuclear energy plant in La Paz by 2025, with an investment of more than two billion U.S. dollars.