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News ID: 49128
Publish Date : 21 January 2018 - 19:34

Tehran to Implement Iran-Italy Financial Deal

TEHRAN (Dispatches) – Iran’s first Vice-President Eshaq Jahangiri has tasked the country's economy ministry to implement a recent financial agreement reached between Iran and Italy.
Jahangiri notified the bylaw ratified by the Iranian government with regard to obliging the economy ministry to enforce financial agreement signed between Iran’s banking system and Italian Investment Global Invitalia Institution.
Given the above issue, the cabinet of ministers at the proposal of the economy ministry approved the financial deal inked between Iran and Italy on January 14 by the virtue of Article 138 of the Constitution as follows:
In order to equip and supply the required foreign financial resources, the economy ministry, represented by the Iranian government, is authorized to issue the guarantee bid bond guarantee on January 11 within the framework of yearly budget rules and regulations for enforcing financial agreement inked between Iran’s banking system and Italian Investment Global Invitalia Institution, amounting to €5bn.
With due observance to the said issue, Jahangiri has notified the bylaw to the Ministry of Economic Affairs and Finance and the Plan and Budget Organization.
The 5-billion-euro agreement was inked on January 11 by the Iranian banks and an Italian company to finance investment projects in Iran.
Iranian Bank of Industry and Mine, and Middle East Bank signed the agreement with Italian Global Investment.
The agreement envisages the capacity for other banks to join it, and will provide the required finance for constructional and manufacturing project using Italian technologies and machinery as well as engineering and technical services.
Italy is the seventh country to ink investment deals with Iran after India, China, South Korea, Denmark, Austria and Russia.
The agreement is regarded in Iran as another step towards diversification of financial sources for Iranian projects.
********Iran’s first Vice-President Eshaq Jahangiri