Italy's SACE signs MoU with Iran worth 6B euros

Business Materials 28 January 2016 17:07 (UTC +04:00)

Tehran, Iran, January 28

By Mehdi Sepahvand -- Trend:

Italian insurance agency Servizi Assicurativi del Commercio Estero (SACE) has signed a line of credit insurance MoU with the Central Bank of Iran, worth 6 euros, said the CBI governor Valiollah Seif.

According to the CBI's official website, the MoU was signed during Seif's visit to Italy on Jan.27.

Iranian President Hassan Rouhani visited Italy in Jan 26-27, heading a big delegation. The sides signed up to € 17 billion ($18.4 billion) contracts and a MoU.

Before in December 1, Iran announced that SACE has signed a short-term line of credit insurance MoUs with three Iranian banks, Parsian, Pasargad, and Saman.

The MoUs were signed in a meeting between an Italian delegation and representatives of Central Bank of Iran (CBI) in Tehran, the CBI Public Relations announced.

The Italian delegation included representatives from 11 Italian banks that count for 55 percent of the country's banking.

During the meeting, CBI Vice President for Currency Qolamali Kamyab said Iran and SACE have held talks on the way of settling the Italian insurance company's previous debts to Iran.

A day earlier, SACE President Giovanni Castellaneta said his company was ready to allocate insurance services worth €5 billion to Iran-Italy business deals.

In a trade conference held in Tehran on November 29 with 360 Italian economic representatives, a number of MoUs were signed in the fields of tourism and trade.

Iran-Italy trade turnover stands at $1.5 billion a year. The number had hit $7 billion before economic sanctions were set against Iran.