SACE to Collect 564 EUR owed by Iran

By John Lee.

Italy’s state-owned export credit and insurance company SACE has signed an agreement to collect €564 million of sovereign credit claimed by the subsidiary of Italian state-backed lender Cassa Depositi e Prestiti against the Central Bank of Iran (CBI).

Under the agreement signed by the Chief Executive of SACE, Alessandro Castellano (pictured), and the Iranian governor, Valiollah Seif, the payment to the company will take place in three installments by October 15 2016.

According to a report from Italy24, the credit consists of compensation paid in previous years by SACE to Italian companies for financing unpaid by Iranian counterparts following the blocking of payment systems imposed by international sanctions.

(Source: Italy24)

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