Italian Government mission in Iran: Ministry of Economic Development, Sace and Mediobanca sign MoU

Rome / Tehran, August 4, 2015 - The Italian Ministry of Economic Development, the export credit company SACE and Mediobanca announce the finalization of a Memorandum of Understanding with the Ministry of Economy and Finance and the Central Bank of Iran aiming at facilitating the development of future economic and trade relations between Italy and Iran.

The Agreement was signed during the Italian government mission in Iran, headed by the Minister of Economic Development, Federica Guidi, and the Minister of Foreign Affairs and Cooperation, Paolo Gentiloni, a few weeks after the conclusion of the Vienna negotiations and the achievement of the "Joint Comprehensive Plan of Action".

The Memorandum leads the way to new important initiatives which will see a strong involvement of SACE alongside Italian and international financial institutions in order to ensure a more rapid and effective recovery in trade and investment in the Country, a historic economic partner for several European countries, particularly Italy.

Under the MoU, in compliance with national legal frameworks and international regulations and with the restoration of the payment system, the parties will collaborate to evaluate short and medium-long term projects of mutual interest implying Italian export and investments and to identify local financial institutions that could benefit from credit lines provided by Mediobanca, and guaranteed by SACE and the Ministry of Economy and Finance of Iran, to support the financing and payment of such transactions.

In perspective, the initiative disclose a wide potential. According to SACE’s estimates, the removal of sanctions might result in a 3 billion euro increase in Italian exports to the country in 2015-2018, with the best opportunities in the sectors of mechanical engineering, oil & gas and transport.