Italy and Iran set to sign investment accord on Thursday

Clamped down by U.S. led economic sanctions, Iran remains an untapped and politically volatile market.

Iran and Italy are set to sign a framework for credit agreement worth 5.0 billion euros on Thursday which will facilitate investments by Italian companies in Iran, said a source from its Treasury department.

As per the source, the agreement will see opening of lines of credit to two Iranian banks by Invitalia, an Italian state-owned holding, which will help finance investment projects by Italian companies.

The accord will be signed by Invitalia Global Investment, Invitalia’s investment arm, and two Iranian banks – Mine and Middle East Bank and Bank of Industry.

The source went on to add that the Iranian government will guarantee financing of projects.

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