Italy’s Ministry of Economic Development, Export Credit Agency (SACE) and Mediobanca on Wednesday announced the signing of a Memorandum of Understanding (MoU) with Iran’s Ministry of Economy and Finance and Central Bank.
The agreement signed in Teheran is aimed at facilitating the development of future economic and trade relations between the two countries.
On the Italian delegation were Minister of Economic Development, Federica Guidi and Minister of Foreign Affairs and Cooperation, Paolo Gentiloni.
The agreement comes few weeks after the conclusion of the Vienna negotiations on Iran nuclear activities.
Guidi said the MoU would open ways for further important initiatives with the close involvement of SACE alongside Italian and international financial institutions.
The minister said it would ensure a faster and more effective recovery in trade and investment in Iran, a historic partner of a number of European countries and Italy in particular.
Under the MoU, the parties agreed to begin joint work, consistent with national and international regulations on the restoration of the payment system.
Guidi said they would also evaluate short and medium-long term projects of mutual interest involving Italian industrial sectors in order to assist Iran in its economic development.
The minister said the parties would also identify local financial institutions that could benefit from the credit line provided by Mediobanca, with the guarantee of SACE and the Iranian Ministry of Economy and Finance.
The credit is meant to support the financing and payment of export and investment transactions.
An estimate by SACE indicates that the agreement could lead to an increase in Italian exports to Iran by 3 billion Euros in the next four years from 2015.
The best opportunities are presented in the mechanical engineering, oil & gas and transport industries.