Italy's 5-Billion-Euro Deal Showing Europe’s Resolve to Boost Cooperation with Iran ~ Akelicious
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Italy's 5-Billion-Euro Deal Showing Europe’s Resolve to Boost Cooperation with Iran

                                  Official: Italy's 5-Billion-Euro Deal Showing Europe’s Resolve to Boost Cooperation with Iran
Iranian Deputy Economy Minister Mohammad Khazayee described a five-billion euro deal with Italy as a major political and economic event, indicating the European Union's determination for cooperation with Iran.


Khazayee, also head of Investment, Economic and Technical Assistance Organization, is currently in Rome at the head of a high-ranking delegation expressed satisfaction with the credit line agreement, calling it the biggest line of credit agreed upon with a European state.

"As we attach significance to the Asian states, we also pay attention to European states and other countries,” Khazayee said.

The credit line which had been under discussion since long time ago was ultimately finalized, as it was signed on Thursday after a meeting with Italian Finance Minister Pier Carlo Padoan in a ceremony attended by the two countries’ banking experts.

"The deal was signed by two Iranian banks of ‘Industry and Mine’ and ‘Middle East’ as the operating banks but it was agreed that other banks be allowed to join the agreement later," Khazayee said.

The 5-billion-euro agreement was inked on Thursday by the Iranian banks and an Italian company to finance investment projects in Iran.

Iranian Bank of Industry and Mine, and Middle East Bank signed the agreement with Italian Global Investment.

The agreement envisages the capacity for other banks to join it, and will provide the required finance for constructional and manufacturing project using Italian technologies and machinery as well as engineering and technical services.

Italy is the seventh country to ink investment deals with Iran after India, China, South Korea, Denmark, Austria and Russia.

The agreement is regarded in Iran as another step towards diversification of financial sources for Iranian projects.
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