January 10, 2018 / 8:22 AM / 9 months ago

Italy and Iran to sign 5.0 billion euro investment agreement: Treasury source

ROME (Reuters) - Italy and Iran will on Thursday sign a framework credit agreement worth 5.0 billion euros whereby Rome will help Italian companies invest in Iran, a Treasury source said on Wednesday.

The accord foresees the opening of lines of credit to two Iranian banks by Invitalia, an Italian state-owned holding, in order to finance investment projects by Italian companies, the source said.

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

Invitalia will open lines of credit with the two banks and the Iranian government will guarantee financing of projects, the source added.

Reporting Giselda Vagnoni, writing by Philip Pullella

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