The Italian Minister of Economy and Finance, Pier Carlo Padoan, and the Deputy Minister for Economic Affairs and Finance of the Islamic Republic of Iran and President of the OTII (Organization for Investment, Economic and Technical Assistance of Iran), Mohammad Khazaee, welcomed the signing of the Master Credit Agreement, which took place today (Thursday) between the Italian financial institution Invitalia Global Investment and the Iranian banks Bank of Industry and Mine and the Middle East Bank.
The Framework Agreement establishes the terms and general conditions that will govern the individual future Financing Agreements ( Facility Agreements ) concluded between Invitalia Global Investment and the Iranian banks, for a total amount of up to 5,000,000,000 (five billion) euro, and covered by Sovereign guarantee issued by the Iranian Government.
The Financing Agreements will allocate funds for projects and partnerships in Iran, jointly realized by Italian and Iranian companies, in sectors of mutual interest, such as infrastructure and construction, the oil and gas sector, the generation of electricity, the industries chemistry, petrochemistry and metallurgy.
The two Ministries underlined how the Agreement is an important step for the consolidation of the economic and financial partnership between the two countries, whose origins go back a long way. The main objective of the agreement is to strengthen the Iranian economic fabric, in line with the objectives set by the Government of Iran and with the legitimate aspirations of the Iranian people, in accordance with the implementation of the Joint Comprehensive Plan of Action (JCPOA).
(Source: Invitalia Global Investment)