Baku, Azerbaijan, July 21
By Khalid Kazimov – Trend:
The value of the activities of SACE, the Italian Export Credit Agency, in Iran has reached 2.5 billion euros.
Marco Ferioli, SACE’s Middle East and North Africa area manager, has said that after sealing a deal between Iran and Italy during President Hassan Rouhani’s visit to Rome this year, the value of SACE’s activities in Iran increased to 2.5 billion euros from one billion euros, SHANA reported July 21.
According to him, SACE has mostly covered petrochemical, oil and gas industries in Iran.
In late January, SACE and the Central Bank of Iran signed a settlement agreement for the recovery of the sovereign credit due to SACE by Iranian counterparties. The agreement provides for the payment to SACE of 564 million euros in three installments by Oct. 15, 2016.
The credit represented claims paid by SACE to Italian companies for loans unpaid by Iranian counterparties following the block of the payment systems imposed by international sanctions, SACE website said.