Italy and Iran signed a credit agreement worth five billion euros to help Italian companies invest in Iran.
The framework accord was signed between Italian state-owned holding Invitalia and two Iranian banks, Bank of Industry and Mine, and Middle East Bank, in the presence of Italy’s Economy Minister Pier Carlo Padoan and Iran’s Vice Minister for economic affairs, Mohammad Khazaee.
Russia is the sixth country which has sealed finance deal with Iran in recent months.
Iran had earlier been able to seal finance deals with financial institutions from India, China, South Korea, Denmark and Austria.
The funds will be used for joint projects between Italian and Iranian companies in sectors including infrastructure, construction, oil and gas, electrical energy, and the chemical, petrochemical, and metallurgical industries.
The news comes just before the United States decides whether to continue waiving nuclear-related sanctions on Iran under the Iran nuclear deal, which the administration of U.S. President Donald Trump has been critical of. European nations have urged Washington to maintain the nuclear deal.
