SACE offers €5B insurance for Iran-Italy deals
Tehran, Iran, November 30
By Mehdi Sepahvand -- Trend:
Italian insurance agency Servizi Assicurativi del Commercio Estero (SACE) said it is ready to allocate insurance service worth €5 billion to Iran-Italy business deals.
"In the first step we are ready to offer €5-billion insurance covering economic relations between Italy and Iran," SACE President Giovanni Castellaneta said, Iran's industry, mines and trade ministry's official SHATA news portal reported November 30.
Speaking with the Chairman of the Board of Directors of Iranian Mines & Mining Industries Development & Renovation Organization (IMIDRO) Mehdi Karbasian, Castellaneta said his company is planning to boost its relations with Iran to the level they used to be before economic sanctions on Islamic Republic.
SACE used to insure many Iranian megaprojects, such as mines and related industries like steel, aluminum, etc. before the sanctions.
SACE, 100 percent controlled by Cassa depositi e prestiti, offers a complex range of instruments for credit insurance, investment protection, the provision of sureties and financial guarantees. The credit insurance is the reduction or transfer to third parties of the risks of insolvency.
"In the current week we will hold talks with the Central Bank of Iran and a number of other Iranian banks," Castellaneta said.
The SACE chief noted that preparing a list of prospective cooperation projects, especially in mines and related industries, will help prepare plans.
The meeting comes in anticipation of Iranian President Hassan Rouhani's trip to Italy in the near future.