Press Release N° 8 of Thu Jan 11 15:54:00 CET 2018
The Minister of Economy and Finance of Italy, Pier Carlo Padoan, together with the Deputy Minister of Economic Affairs and Finance of the Islamic Republic of Iran and President of OIETAI (Organization for Investment, Economic and Technical Assistance of Iran), Mohammad Khazaee, welcome today's signing of the Master Credit Agreement between the Italian financial institution Invitalia Global Investment and the Iranian banks, Bank of Industry and Mine and Middle East Bank. The Master Credit Agreement provides general terms and conditions which will govern each future financing agreement (Facility Agreement) concluded between Invitalia Global Investment and the Iranian Banks, for an aggregate amount not exceeding Euro 5,000,000,000 (five billions), and covered by a Sovereign Guarantee issues by the Iranian Government. The Facility Agreements will fund projects and partnerships in Iran, jointly implemented by Italian and Iranian companies, in areas of mutual interest such as: Infrastructure and Construction; Oil & Gas, Power Generation, Chemical, Petrochemical and Metallurgical Industries. The two Ministries stressed that the agreement is an important step for the consolidation of the economic and financial partnership between the two countries, whose origins date back in time. Its primary objective is to strengthen the Iranian economic fabric, in line with the objectives set out by the Iranian Government and the legitimate aspirations of the Iranian people, following the implementation of the Joint Comprehensive Plan of Action (JCPOA).