ROME (Reuters) - Italy and Iran on Thursday signed a framework credit agreement to fund investments worth up to 5 billion euros ($6.02 billion) in Iran, Italy’s Economy Ministry said.
The deal was signed between two Iranian institutions, Bank of Industry and Mine and Middle East Bank, and the investment arm of Italian state-owned holding Invitalia, the ministry said in a statement, confirming a Reuters report on Wednesday.
The money will be used for projects carried out jointly by Italian and Iranian companies in sectors including infrastructure, construction, oil and gas, electrical energy, and the chemical, petrochemical, and metallurgical industries.
Iran’s government will provide a sovereign guarantee, the statement added.
Reporting by Isla Binnie; editing by Philip Pullella