Venezuela has plans underway to start selling a cellphone in May that's said to be one of the world's cheapest. The mobile phone will sell at a whopping price of $14 (approx. R140)!

The handset includes an MP3 player, radio and camera.

The phone dubbed "El Vergatario" was unveiled on Thursday by President Hugo Chavez. El Vergatario will be produced by a joint Venezuelan-Chinese firm and marketed across Latin America and the Caribbean.

Handsets like this are being developed around the world today. These mobile phones are aimed at the huge market of poorer consumers who are unable to afford the more expensive, feature-packed cellphones.

India has already developed a device called "the people's phone" which is sold at around the same price of the "El Vergatario".