Iran Daily

Tehran to implement Iran-italy financial deal

-

First Vice President Es’haq Jahangiri delegated the Economy Ministry to implement a recent financial agreement between Iran and Italy.

Jahangiri notified the bylaw ratified by the Iranian government obliging the Economy Ministry to enforce financial agreement signed between Iran’s banking system and Italian Investment Global Invitalia Institutio­n, Fars News Agency reported.

The Cabinet, at the proposal of the Economy Ministry, approved the financial deal inked between Iran and Italy on January 14 by the virtue of Article 138 of the Constituti­on as follows:

In order to equip and supply the required foreign financial resources, the Economy Ministry, represente­d by the Iranian government, is authorized to issue the guarantee bid bond guarantee on January 11 within the framework of yearly budget rules and regulation­s for enforcing financial agreement inked between Iran’s banking system and Italian Investment Global Invitalia Institutio­n, amounting to €5 billion.

With due observance to the said issue, Jahangiri has notified the bylaw to the Ministry of Economic Affairs and Finance and the Plan and Budget Organizati­on.

The €5-billion agreement was inked on January 11 by 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.

 ??  ?? IRAN DAILY
IRAN DAILY

Newspapers in English

Newspapers from Iran