Jan 29, 2016, 5:01 PM
News Code: 81940410
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Iran, SACE sign agreement to recover €564m credit

Tehran, Jan 29, IRNA – Iran and Italian insurer company SACE signed an agreement which will lay the foundations for restarting trade relations and reviving Italian exports and investments in the country.

In the presence of the President of the Islamic Republic of Iran Hassan Rouhani and Italian Premier Matteo Renzi, SACE and the Central Bank of Iran signed a settlement agreement for the recovery of the sovereign credit due to SACE by Iranian counterparties, said a press release on the Italian firm's website.
'The agreement provides for the payment to SACE of € 564 million in three installments by 15 October 2016. The credit represented claims paid by SACE to Italian companies for loans unpaid by Iranian counterparties following the block of the payment systems imposed by international sanctions.'
The agreement was reached a few days after the Implementation Day at the highest professional level and will enable SACE to reactivate its support to Italian exports and investments in the country, enabling companies to seize interesting opportunities in sectors such as oil & gas, petrochemicals, automotive and construction, read the press release.
President Rouhani returned home Friday morning at the end of his 5-day official visit to Italy, France and Vatican.