SACE opens €800M fund for business in Iran

Business Materials 15 April 2016 20:01 (UTC +04:00)

Tehra, Iran, April 15

By Mehdi Sepahvand - Trend:

The Italian Export Credit Agency (SACE) has allocated a sum of €800 million for small to mid-size companies to work in Iran, Italian Trade Agency CEO Roberto Luongo said.

He hoped that the measure will gradually obviate the concerns of European banks and companies over business with Iran, IRNA news agency reported April 15.

He cited the opening of a €4 billion line of credit as one of the most prominent achievements made during a recent Italian trade delegation visit to Iran.

The delegation was headed by Prime Minister Matteo Renzi last Tuesday. During the visit a total of 19 documents were signed to help reshape bilateral ties in Iran's post-sanctions era.

Before sanctions were imposed on Iran, the country's trade with Italy was €7.2 billion, which declined to €1.7 billion later.

Renzi's visit was preceded by a similar trip by Iranian President Hassan Rouhani to Rome in January, a few days after the sanctions were lifted.