Rome - Italy's Ministry of Economic Development, export credit agency SACE and Mediobanca announced the signing of a Memorandum of Understanding with Iran's Ministry of Economy and Finance and Central Bank that aims to facilitate the development of future economic and trade relations between the two countries.
This agreement was signed during the Italian government mission to Iran led by Minister of Economic Development Federica Guidi and Minister of Foreign Affairs and Cooperation Paolo Gentiloni, a few weeks after the conclusion of the Vienna negotiations and the reaching of the Joint Comprehensive Plan of Action. The MoU opens the way for further important initiatives with the close involvement of SACE alongside Italian and international financial institutions for a faster and more effective recovery in trade and investment in Iran, an historic partner of a number of European countries and Italy in particular. Under the MoU, the parties have agreed to begin joint work, consistent with national and international regulations and with the restoration of the payment system, to evaluate short and medium-long term projects of mutual interest involving Italian industrial sectors of excellence in order to assist Iran in its economic development. The parties will also identify local financial institutions that could benefit from the credit line provided by Mediobanca, with the guarantee of SACE and the Iranian Ministry of Economy and Finance, to support the financing and payment of export and investment transactions. Looking ahead, the initiative unlocks great potential. According to estimates by SACE, the end of sanctions could lead to an increase in Italian exports to Iran of almost 3 billion euros in the four years from 2015 to 2018, with the best opportunities in the mechanical engineering, oil & gas and transport industries. (AGI)