Iran, Italy Conclude €5 billion Finance Deal

Financial Tribune – Iran and Italy on Thursday signed a Master Credit Agreement worth €5 billion in Rome, making it the biggest foreign finance deal reached between Iran and a member of the European Union.

The agreement was inked between two Iranian banks, namely Bank of Industry and Mine and Middle East Bank, and Invitalia Global Investment, the investment arm of the Italian state-owned holding, Invitalia, in a signing ceremony attended by the Italian Minister of Economy and Finance Pier Carlo Padoan and the director of Organization for Investment, Economic and Technical Assistance of Iran, Mohammad Khazaei.

"The Master Credit Agreement provides general terms and conditions which will govern each future financing agreement (Facility Agreement) concluded between Invitalia Global Investment and the Iranian banks," the Italian economy ministry announced in a press release, adding that the Iranian government will issue sovereign guarantees to cover the agreement.

The funds will cover projects and partnerships in Iran jointly implemented by Iranian and Italian companies in areas of mutual interest such as infrastructure and construction, oil and gas, power generation, and chemical, petrochemical and metallurgical industries, according to the Italian ministry.

Date : Saturday 13 January 2018 / Subject : Economic News - International News / Source : Financial Tribune