Italy’s SACE signs credit line insurance MoUs with 3 Iranian banks

Business Materials 1 December 2015 19:15 (UTC +04:00)

Tehran, Iran, December 1

By Mehdi Sepahvand -- Trend:

Italian insurance agency Servizi Assicurativi del Commercio Estero (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 reported December 1.

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.