TEHRAN: Iran and Italy inked an agreement based on which Italy’s Mediobanca will pay $2 billion loan to Iran, according to an official with the Iranian Finance and Economic Affairs Ministry.
Sa’eid Khani Oshani, an official in the Organization for Investment, Economic and Technical Assistance of Iran, said Mediobanca, the leading investment bank in Italy, will allocate the fund to carry out industrial, development and infrastructure projects in Iran, the IRNA news agency reported on Wednesday.
Oshani said it is the fund that the Italian side will allocate to Iranian projects in the first step; but the deal has set no ceiling for the loan, as it depends on the types of projects as well as receiving required legal permits.
The deal was signed in Tehran on August 4 between Iranian Finance and Economic Affairs Ministry and Central Bank of Iran (CBI), as the Iranian side, and Italian Economic Development Ministry and Italy’s Institute for Foreign Trade Insurance Services, known as Servizi Assicurativi del Commercio Estero (SACE), as the Italian side, the official stated.
He said that SACE is due to insure the loan that Mediobanca will pay.
The deal will go into effect as soon as the sanctions are removed from Iran’s banking and financial sector, he mentioned.
