Italian Insurer signs Deals with three Iranian Banks

Italy’s state-owned export credit and insurance company SACE has signed three collaboration agreements with the major Iranian private banks – Bank Pasargad, Bank Parsian and Saman Bank – aimed at facilitating a more rapid and effective resumption of trade and investments in the country.

The President of SACE, Giovanni Castellaneta (pictured) — himself a former Italian ambassador to Tehran and Washington — said:

“A new era is commencing for economic relations with Iran, thanks to the important steps forward taken at the international level …

“SACE is ready to do its part to help Italian companies to grasp its full potential, as soon as the regulatory framework allows, and the agreements signed today go in this direction”.

SACE and the banks intend to initiate a collaboration, consistent with applicable regulations and the restoration of the payments system, to identify short- and medium/long- term projects of mutual interest and to develop the insurance-financial structures best suited to support them.

The banks’ strong track record in supporting allowed imports involving SMEs is a great added-value in this respect.

The set of agreements confirms the commitment of SACE to assist Italian companies in a complex market like Iran, with high risk profile as well as a relevant future business potential for Italy.

According to SACE estimates, the end of the sanctions might bring an increase in Italian exports to Iran of almost € 3 billion by 2018, with the best opportunities in machinery, oil & gas, and transport.

(Source: SACE)

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