Italy, Iran to sign ¤5b investment agreement
Italy and Iran will sign a framework credit agreement worth €5 billion on Thursday whereby Rome will help Italian companies invest in Iran, a source said on Wednesday.
The accord foresees the opening of lines of credit to two Iranian banks by Invitalia, an Italian state-owned holding, in order to finance investment projects by Italian companies, the source was quoted as saying by Reuters.
It will be signed by Invitalia’s investment arm, Invitalia Global Investment and two Iranian banks, Bank of Industry and Mine and Middle East Bank.
Invitalia will open lines of credit with the two banks and the Iranian government will guarantee financing of projects, the source added.
According to recent figures released by Eurostat, Iran exported more than €8.24 billion worth of commodities to the 28 member states of the European Union during the 10 months to October 31, 2017, indicating a 109-percent hike compared with the similar period of 2016.
Italy, with more than €2.58 billion worth of purchases, was Iran’s main export destination over the period. The figure shows a 315-percent hike compared with that of the corresponding period of 2016.
Following Italy were France with over €2 billion, Spain with €1.15 billion, Greece with €1.05 billion and the Netherlands with €690.7 million worth of imports from Iran, registering a 109-percent, 85-percent, 102-percent and 47-percent year-on-year growth respectively.
Imports from the EU countries during the same period exceeded €8.4 billion, registering a 32-percent rise year-onyear.
Germany with more than €2.35 billion was the main European exporter to Iran. The figure experienced a 19.2-percent rise compared with that of last year’s similar period.
Other major exporters to Iran include Italy with €1.38 billion, France with €1.17 billion, the Netherlands with €653.6 million and Belgium with €495.2 million worth of exports to Iran, indicating 14.5-percent, 119.5-percent, 10.5-percent and 33.3-percent year-onyear growth respectively.
As such, Iran-eu trade over the period amounted to €16.65 billion, registering 61.6 percent upsurge compared with the figure for the corresponding period of last year.