Italy signs EU’s biggest ever credit deal with Iran
Tehran(KNA) - Iran and Italy have signed a major framework credit agreement which will be used to provide funds for development and industrial projects in the Islamic Republic.
Italy's Economy Ministry in a statement to media put the value of the agreement at €5 billion ($6 billion) and said it was signed in Rome between Bank of Industry and Mine and Middle East Bank of Iran, and the investment arm of Italian state-owned holding Invitalia.
The money will be used for projects carried out jointly by Italian and Iranian companies in sectors including infrastructure, construction, oil and gas, electrical energy, and the chemical, petrochemical, and metallurgical industries, Reuters quoted parts of the statement as saying.
Iran's government will provide a sovereign guarantee, the statement added.
Source: Press TV