Jan 11, 2018, 11:42 PM
News Code: 82793043
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Italy 5-billion-euro deal signifies Europe’s resolve for cooperation

Rome, Jan 11, IRNA -- Iranian Deputy Economy Minister and Mohammad Khazaei on Thursday described a five-billion euro deal with Italy as a major political and economic event, indicating Europe’s resolve for cooperation with Iran.

Khazaei, also head of Investment, Economic and Technical Assistance Organization, who is in Rome at the head of a delegation expressed satisfaction with the credit line agreement, calling it the biggest line of credit agreed upon with a European state.

Of course, Iran has already signed other agreements with several other countries but this is the biggest in size that has ever been inked, he said, noting that the agreement has two hallmarks; first it is indicative of EU’s serious resolve for cooperation in various economic fields and contributing to promotion of bilateral economic relations. Secondly, Iran is seeking to diversify economic ties with the world and enter various markets.

“As we attach significance to Asian states, we also pay attention to European states and other countries,” Khazaei said.

The credit line which had been under discussion since long time ago was ultimately finalized, as it was signed today after a meeting with Italian Finance Minister Pier Carlo Padoan in a ceremony attended by the two countries’ banking experts.

The deal was signed by two Iranian banks of ‘Industry and Mine’ and ‘Middle East’ as the operating banks but it was agreed that other banks be allowed to join the agreement later, Khazaei said.

The 5-billion-euro agreement was inked on Thursday by the Iranian banks and an Italian company to finance investment projects in Iran.

Iranian Bank of Industry and Mine, and Middle East Bank signed the agreement with Italian Global Investment.

The agreement envisages the capacity for other banks to join it, and will provide the required finance for constructional and manufacturing project using Italian technologies and machinery as well as engineering and technical services.

Italy is the seventh country to ink investment deals with Iran after India, China, South Korea, Denmark, Austria and Russia.
The agreement is regarded in Iran as another step towards diversification of financial sources for Iranian projects.
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